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If you are on a budget and still want to be successful on your construction projects, then you might need to hire a value manager. This professional is the one responsible for helping your company obtain the maximum benefit of a value management approach. What is Value Management? Value management refers to a careful analysis of the project to be undertaken. It involves much more than gathering a list of all potential requirements and commonly requires an agreement among the stakeholders in accordance to the needs and objectives of the particular endeavour, thus ensuring greater value for money and client satisfaction. It is actually a prearranged technique to establish what value means to a client as well as to clearly define and set the project's main objectives. How Does Value Management Work? As mentioned earlier, this task is usually assigned to an experienced value manager. This professional is the one responsible for establishing a general understanding of the strategies and procedures involved in the project. Some of his duties and responsibilities include scheduling reviews and workshops at appropriate points throughout the course of the project, as well as executing the actions, which may arise from the process. While you may simply assign one of your employees to act as the value manager, you must consider that this is not always the best choice. This is because, in order to take full advantage of this strategy, you will have to appoint a much more experienced facilitator who can efficiently implement value management techniques such as: 1. organising and managing workshops 2. providing conditions to challenge project hypotheses about needs and approaches 3. communicating with both technical and lay project participants 4. motivating people involved towards achieving overall objectives 5. providing conditions to find innovative solutions in attaining project's needs 6. the ability to analyse complex problems 7. the ability to work out issues from a project background. Internal Facilitator vs Value Management Consultant When choosing between hiring an internal facilitator and a value management consultant, there are certain factors you need to consider. One of them is experience. Bear in mind that even though internal facilitators have basic knowledge on implementing such strategy, legitimate members of the Institute of Value Management have far more experience and knowledge of the field. They also have a greater understanding of construction value compared to other members of the construction team. In this case, they can effectively cut the construction costs without diminishing its value or function. The second factor is variation of approach. Unlike a member of your existing construction team, an experienced value manager can certainly generate fresh and cost saving ideas. They can also act without bias since they do not have any direct interest to the company, making them an ideal facilitator in maintaining the value of your project without corresponding increase in cost. Most importantly, a value management consultant can reconcile stakeholders' opinions by acting as a mediator should conflict arise within the management. Munro Consultants provide construction consultancy and support services in a wide range of areas, including value management, lean construction, project management, contracts and procurement. Contact them today and find out more information.
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