Value Management is an extremely effective, but often misunderstood tool for the design of any project, product or concept.

Value Management seeks to provide the Owner / User / Purchaser with an item that satisfies the basic function he requires at the best value for the money spent. The item can be a part, a piece of equipment, a new facility, the renovation of existing facilities, a raw material, a system, a consumptive good, an organization, or virtually anything.

The TEAM FOCUS Group has developed the Value Spiraling Technique which represents an iterative creative and decision making process for any business, program or project which can be taken "from cradle to grave"

Terminology

The term "Value Management" encompasses both Value Engineering and Value Analysis. To some, the three phases are interchangeable. Over the years, the term "Value Analysis" has generally become associated with applying value techniques to systems, organizations, strategic planning, standards, quality control and environmental impacts - that is, items that do not require heavy engineering input.

"Value Engineering" implies the application of value techniques utilizing the engineering and architectural disciplines to the design of products, facilities, renovations etc.

Value Management combines both terms and the value techniques they share to provide value from plan development through realization, project conception through final construction, or product idea through production.

Hyperion Towers, Seoul

Functions and Function Analysis are fundamental to the Value Management methodology, employing where appropriate FAST (Function Analysis Systems Technique) diagrams to define the Highest Order functions, the Basic Functions and the Secondary Functions of a Business, Program or Project.

The consideration of functions enables a Study Team to focus on the essentials to make it work, removing, if necessary, those things that are not essential, or that are "nice to have". 

The TEAM FOCUS Group undertakes Value Management Studies and Workshops as part of its core business. Such Studies / Workshops usually relate to Businesses, Programs of Work and to Specific Projects. They can be undertaken at any stage, although the earlier in the development of the process, the better the opportunity for returns in terms of value improvement and risk reduction.

All too often, the process is introduced too far down the line, losing opportunities, or necessitating the re-development of work, resulting in schedule delays.

As well as improving value, it is often the case that substantial savings can be achieved, sometimes as high as 30% on a base case through the pursuance of effective well conceived Management Action Plans.

The TEAM FOCUS Group also undertakes training in Value Management, publicly, or in-house.