Value Methodology (VM) is a systematic process used by a multidisciplinary team to improve the value of a project through the analysis of its functions. The VM process comprises techniques that enable the project team to provide the highest value products, projects, processes, and services to the customer.
The term Value Analysis (VA) is typically used when applying the VM process to existing applications, such as manufactured goods. The term Value Engineering (VE) is used when applying VM to new products, construction projects, processes, and services. Facilities and construction projects include buildings, highways, airports, dams, refineries,wastewater treatment plants, and so on.
Key concepts include understanding the functions that the customer values and using function analysis to provide the functions and quality at the lowest total life cycle cost. A multidisciplinary team approach is used. Experts from the project’s disciplines participate on the team.
The team leader is certified in VM techniques. The Society of American Value Engineers International (www.value-eng.org) is the professional society for VM. It maintains VM standards and body of knowledge, which may be accessed through the organization. The process for applying VM is referred to as the Value Methodology Job Plan, which consists of the following three stages:
- Workshop activities.
- VM workshop activities.
- Post workshop activities.
Reference: Value Methodology Pocket Guide .
Value Methodology (VM) is a systematic process used by a multidisciplinary team
The term Value Engineering (VE) is used when applying VM to new products, construction projects, processes, and services.
We should understand the functions that the customer values .