VALUE MANAGEMENT

The module provides the history, background, theories, concepts and principles of value management in decision making process. The module also introduces the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage. It is then generally covers area of implementation of value engineering and the key person involved – the facilitator. The module concludes with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.

The objectives of the module are:

1. To create an understanding in general the value process, function analysis and team dynamics in the client’s value system.
2. To identify solutions to undertake value studies at different stage of a project.
3. To recommend a more collaborative effort towards the promotion and awareness of value management in Malaysian construction industry in an effort to achieve value for money invested.

Firstly, there would be a mid term test which is a test on the first five topics of the module. Furthermore, for the assignment of this module, we are divided into groups. We are required to prepare a case study of Value Management application in the Construction Industry .The main aim of this group assignment is to help us develop a deeper appreciation of the concepts learnt in this module by applying them in the assignment. Last but not least, the final examination which is 50% to provide better understanding for us regarding the principles, history, application and technical issues related to Cost Value Engineering in the construction industry. 

From this module, we have learnt to analyze the cost and value implications of project scope and apply the value management to a value outcome in the decision making process. We have developed some problem solving skill as a team as well as individually as we need to try to solve the problems that we encounter in the midst of doing the assignment. In conclusion, I have gained more knowledge and understand more on the principles and contribution of value engineering in the development process which is quite an advantage for me as Quantity Surveyor in future.