Hi, need to submit a 3750 words paper on the topic Applied Principles of Value Management and Engineering. Through value management, we can evaluate the different aspects and functions of the construction project. Our objective is to minimize unnecessary costs and see to it that all functions have an important role in the entire project. This will utilize a structural-functional analysis and other problem-solving tools and techniques that will ensure low cost and great value for the project. .Through value management, we can evaluate the different aspects and functions of the construction project. Our objective is to minimize unnecessary costs and see to it that all functions have an important role in the entire project. This will utilize a structural-functional analysis and other problem-solving tools and techniques that will ensure low cost and great value for the project. .We will identify the core values of the project and transform goals into actions to achieve the necessary results. Our ultimate goal is to help our client by introducing creative ways in ‘valuing’ the project, and providing recommendations and seeking solutions to the problems which are still unseen. Tasks and responsibilities of the VM study team:1. Inspect the actual site of the proposed project – Duration: 1 week or as needed The members of the team will conduct the inspection and look for possible scenarios that may occur in the future, including seeing to it that the parts, stages, and the different functions are closely studied to attain maximum results.2.Discussion – Discussion will take place every day or every after inspection. All personnel who participated in the on-site inspection and all stakeholders will be involved in the discussion. The discussion will take much of the time of the study. This will also include brainstorming, gathering data, ideas, suggestions, and everything that could be of use at present or in the future when construction is in full swing.
The study team will conduct the following activities:1. Define the value of the project and its parts, and provide a basis for making decisions.2. Provide clear briefs that reflect our objectives, priorities, and expectations. .3.Provide an effective communication between our company and the stakeholders.4. Provide the most cost-effective way of delivering the benefits, such as the value for money (VfM), and provide a basis for refining the requirements of the business. .5. Arrive at innovative design solutions with improved communications and enhanced team working.6. Do a way of measuring value, taking into account non-monetary benefits and demonstrating that value for money has been achieved. Total economic management of projects involves considering both cost and value. Value management occurs much earlier in a project’s life-cycle whilst cost management occurs in the later stages. (Kelly and Male, 1993, p. 72) The cost aspects of the service can be ascertained by the use of traditional quantity surveying services. The assessment of worth and its relationship to cost can only be ascertained with reference back to the views of the client or end-user. Cost management involves traditional ways of surveying skills, reducing costs, and using proven procedures. The team will brainstorm suggestions and ideas to ensure creativity from its members. Cost management does not mean introducing new stages to the project, but will only simplify some of the functions.