Before delving into the details of the case study and how to go about it, we must first understand a basic notion: Are VM and VE synonymous?
Value managers argue that these are not. There are specific, measureable differences between the two that allow us to identify with each. Some of these are listed below that will allow the readers of this text to understand the methodology that is selected for the solution to the case study.
- Value Management is concerned with the definition of value in a particular context, agreeing to a clear statement of objectives and ensuring the compliance of solutions with objectives. Value Engineering, on the other hand, is concerned mostly with achieving defined functions at minimum cost (or whole life cost). (Value Management in Construction, 2002)
- A major difference between the two is VM being a wider domain while VE covering only a limited subset of information. VE comes under overall value management. VM provides a framework under which VE comes as a methodology / discipline used to identify better value from projects, products and services. (Value Management in Construction, 2002)
- VM deals with why something is happening, which is happening. VE, on the other hand, addresses how the problem should be addressed under VM to allow for better performance from the same processes.
- VM is about getting the right project, while VE is about getting the project right.
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