Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Value Management (VM) is a process whereby team efforts are made to understand the functions of a system in order to realize the essential functions of that system at the lowest possible life-cycle cost (Younker 2003, cited in Mao et al., 2009, p. 417). As a definitive tool to improve the value of a system, VM has been widely used by government agencies, financial institutions, manufacturers, construction designers, and contractors.
The objective of the value management study for TechWatt Corporation is a construction of a regional headquarters, which will accommodate management and administrative employees, a workshop for hi-tech light manufacturing processes, a receiving area for guests and potential clients, and some tourist facilities.
The architects and engineers are the main participants of the VM study, but the VM workshop will include all valued stakeholders of a new regional headquarters for TechWatt Corporation. The workshop will also include branch managers and department heads, the selected staff of the different departments, and other important personnel who can contribute their ideas and talents for the success of the workshop and the project.
One way of creating a sound business atmosphere is to produce and show to the client and the stakeholders the good ‘valuing’ of the project/s being undertaken. This requires greater knowledge of value management.
TechWatt Corporation is in the IT business, involved in computer hardware and software systems. It is still growing and needs to expand amidst the challenges of globalization. Its CEO wants to know the costs of building a regional headquarters and in attaining this, the functions in the construction have to be analyzed. This is the main focus of the agenda: the TW management wants to know how the regional headquarters can be constructed at the lowest cost, without sacrificing quality.
TechWatt Corporation can benefit from value management through a careful study of the functions involved in the proposed regional headquarters. Creative minds will come from the members of the VM study group. .