Value Management in Construction Projects

Description

Value management in construction projects for professionals is a practical, professional-level training course designed to equip construction professionals with systematic methods for maximizing project value while controlling cost, maintaining required quality, and achieving functional and performance requirements. The course focuses on function analysis, value engineering, cost optimization, life-cycle costing, design alternatives, constructability, risk assessment, and multidisciplinary decision-making. Participants will learn how to identify unnecessary costs, evaluate alternative solutions, improve project functionality, and achieve the best balance between cost, quality, time, performance, and sustainability. This training course is concerned on equipping trainees with the facilities needed for improving and sustaining a desirable balance between the wants and needs of stakeholders and the resources needed to satisfy them to reconcile differing priorities to deliver best value for all stakeholders. In its broadest sense, value is the benefit to the community provided by an asset. To this respect, the training course attempts to inculcate the concept of value primarily seen from the perspective of the community members who will benefit from the operation of the asset while focusing on the practical requirements of the people who will use the asset to deliver services. This training course aims to describe the application of value management techniques and procedures in construction projects to support project decision making, control the delivery of value, and give a focus for collaboration. Moreover, the five phases of the workshop conducted during the value management process are discussed covering information synthesis, analysis, creation, evaluation and options development. Value management is applicable to all types of asset, including social and economic infrastructure projects. Therefore, sample case study projects are included in the training course to illustrate how value management methods can be applied to clearly identify what the asset components must do to achieve the service delivery objectives of the assets. In this professional training course, practical applications, case studies and project-based scenarios are included. Topics covered include the following:

• Introduction to value management
• Value management fundamentals
• Value planning
• Value engineering
• Human relations
• Case study – undertaking value management

Outcomes

Upon the completion of this training course, participants will be able to:

• Prepare an appropriate job plan to satisfy the stakeholders’ own set of needs
• Select and apply value management tools and techniques to determine the best value
• Define functions with the action verb – measurable noun technique
• Identify difficult functions and perceived solutions
• Evaluate ideas and select the alternative that offers the best value
• Manage the value management studies effectively

Target audience

The target audience for this training course includes construction project managers, civil engineers, architects, quantity surveyors, contract administrators, planning engineers, project control engineers, consultants, contractors, developers, procurement professionals, and client representatives.