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.

Hiring 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.

Munro Consultants are construction consultants who specialise in project management and value management. They have extensive experience in design and management of construction projects in the built environment.

Value management at Munro Consultants

Showing the value of a project can be harder than some may think. It is not just about the cost, it is about the benefit of the project being conducted, the risks that have to be taken and what the end result will lead to and who will benefit from it.

Return-On-Investment, more commonly known as ROI, is essential to having a profitable and healthy business. Therefore making sure that you achieve the very best value for money on every single one of your projects is of the utmost importance.

It is important to be able to show to the public and to public bodies that projects are being delivered on-budget and with maximised value and have the very best cost ratio that is possible.

Value management is an act that effectively measures the value of projects by focusing on the objectives, the targets and the benefits and solutions that they will bring. Value is not always about getting the very lowest cost or bringing down the budget, it is more about delivering a quality solution to a problem or achieving a product while minimising risk and delivering on everything that was promised. It is also essential that after the project is complete that there is a real benefit to the work that has been carried out, whether it be a saving, an improvement to service, or a benefit for the public, customers, workforce or business in general.

Value management companies can help to cast a fresh eye upon these projects as well as offer independent advice and management. They can also help with value engineering and some even provide risk workshops to help in the understanding of the risks involved and how they can be managed.

Many value management companies will also offer full overall value management as well as value mapping to help breakdown and highlight areas in need of attention and areas that are performing well. These can be combined with risk assessments and an overall value review to make sure that the very best value, in all senses of the word, is being achieved with each and every single project that is undergone.

Munro Consultants are professionals that can help you with value management. They benefit from plenty of experience combined with specialist expertise. They also carry full professional indemnity insurance which is under-written by Royal Sun Alliance.

value management companies