Why Hire Value Management for your Construction Project?

Value management is a key part of the construction process. Whether you work in construction or are arranging a one-off project, you will understand that it is imperative that the final project satisfies the users needs while meeting the owners budget. One of the needs of any building is offering value for money, and it is the role of the value manager to achieve the value objectives and deliver the project at a minimal cost. In the current economic climate meeting costs is more important than ever, meaning value management is critical in any project, small or large. If you have already hired, or are looking to hire, a project manager, ensure that you hire a value manager as early as possible. Your construction team may claim that other workers can carry out the value management tasks, but this is a job large enough to be assigned to be a full-time job for one individual. Contrary to common belief, value management and value engineering are two different roles. If you have already appointed a value engineer (who is concerned with detail finding the cheapest suitable components), you will also require value management (employed early in a project, determines what gets built on a general scale). A value manager is responsible to the owner and acts in the owners interests at every stage of the project. They offer advice to optimise the use of funds, scheduling and use of time, avoid delays and changes and, manage cash flow.rnHiring a value management consultant offers many benefits.

Experience

Members of the Institute of Value Management have real experience and understanding of the field, and a greater understanding of construction value than any other member of a construction team. They will therefore have a greater understanding of cutting costs without decreasing value or function.

Different Approach

A value manager who is not in your existing construction team will bring in new cost-saving ideas and a fresh approach. An external value management consultant will be acting without bias and with the intention of maintaining and increasing value while maintaining in or under budget.

Reconcile Stakeholders Opinions

Value management is focussed on meeting the owners requirements, serving as a mediator should conflict arise between stakeholders. Their balanced opinion will be based on what is best for the project financially, providing an expertise which will be taken notice of.