Value Management is a philosophy, set of principles and a
structured management methodology for improving organisational
decision-making and value-for-money. The second edition builds on
the success of the first edition by extending the integrated value
philosophy, methodology and tool kit to describe the application of
Value Management to the areas of service delivery, asset
management, and, Programmes, in addition to Projects, products and
processes. Value Management is a well-established methodology in
the international construction industry, and in the UK has been
endorsed as good practice in a range of government sponsored
reports. In this book the authors have addressed the practical
opportunities and difficulties of Value Management by synthesising
the background, international developments, benchmarking and their
own extensive consultancy and action research experience in Value
Management to provide a comprehensive package of theory and
practice. The second edition retains the structure of the first
edition, covering methods and practices, frameworks of value and
the future of value management. It has been thoroughly updated, and
a number of new chapters added to encapsulate further extensions to
current theory and practice. In particular, the new edition
responds to: A range of recent UK industry and government
publications; and most notably BS EN 16271:2012 - Value management:
Functional expression of the need and functional performance
specification; the imminent update of BS EN 12973:2000 Value
Management; BS EN 1325 Value Management Vocabulary, Terms and
definitions; the changes to "Value for Europe" governing the
training and certification of Value Management in European Union
countries; the UK Government s Management of Value (MoV)
initiative, together with other leading reports, international
guidance and standards on Value Management. Research in Value
Management undertaken since publication of the first edition.
Changes in Value Management practice particularly in Programmes and
Projects. Developments in the theory of value, principally value
for money measures, whole life value option appraisal, and benefits
realisation. Initiatives in asset management initiatives covering
the management of physical infrastructure, for example the recent
launch of a suite of three standards under the generic title of BS
ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55
2008 Asset Management: Specification For The Optimized Management
Of Physical Assets The second edition contains a dedicated chapter
of exemplar case studies drawn from the authors experience,
selected to demonstrate the new areas of theory and practice. An
Appendix includes an extensive set of tools and techniques of use
in Value Management practice. Construction clients, including those
in both the public and private sectors, and professionals such as
construction cost consultants, quantity surveyors, architects,
asset managers, construction engineers, and construction managers
will all find Value Management of Construction Projects to be
essential reading. It will also be of interest to researchers and
students on construction related courses in Higher Education
particularly those at final year undergraduate and at Masters
level.
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