Value Management At The International Level

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SUMMARY 1.0 INTRODUCTION Internationally, Value Management (VM) has been recognised as an emerging paradigm that focuses on the continuously increasing the value provided to the client and is widely accepted as an important tool in recent management of construction projects (Ellis, Wood et al. 2000). The construction industry is an important field for Value Management at the international level (Kelly, Male et al. 2004). Value Management is also critical to the success of projects as it provides a basis for improving value for money in construction (Ashworth and Hogg 2000). It is seen to be a positive focus on value rather than cost and seeks to achieve an optimal balance between time, cost and quality (Kelly, Male et al. 2004) as it…show more content…
To explain value management in relation to the construction industry ii. To determine the opportunities for value management in the development of the project iii. To analyse the systematic approach to make clear the Scottish Court Service (SCS) value system iv. To determine the relevance of Value management activity to the strategic business case. 3.0 METHODOLOGY The report is based on literature survey, textbooks and online search procedure. 4.0 SCOPE AND LIMITATION The report was to explain the importance of modernizing the Information handling system in other to address the Information Technology issues in respect to showing everyone in attendance in the court video evidence of cases, remote child evidence. Explaining the value of the project been undertaken, outlining the opportunities for managing that value in the development of the project using a systematic approach to make it clear to the Scottish Court Services Senior Property Officer in order to achieve maximum value at minimum cost, quality and delivered at the best value-for-money of their project. Due to time frame Value Management professionals were not easily reached out to and the number of word count limited me to make my explanation brief. 5.0 WHAT VALUE MANAGEMENT (VM) IS ALL ABOUT 5.1Definition First, the term Value means ensuring that the right choices are made about obtaining the optimum balance of
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