What's is value management? Is it the same as value engineering?
No, they mean different things. Although the terms are sometimes used interchangeably, there are significant differences in the way and time they are applied, and consequent results.
Both processes originate with initiatives operated by the American Military during WW2, concerned with getting the best value for money for a project.
However, value engineering (VE) is just one of a series of techniques used to describe the process of looking at a project to see what can be improved to “add value”.
VE is typically applied at design stage and mainly comprises an independent audit and check of the design, usually by a third party. The purpose of the audit is to identify the function of each constituent part of the design and identify any improvements that can be made while maintaining the same performance outcome, thereby increasing the value.
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