Value Management of Construction Projects, 2nd Edition

3Value Study Styles

3.1 Introduction

A value study is a discrete intervention during the inception, evolution, development and delivery of a project. It comprises all activities necessary to ensure that the project will use the least amount of resources in delivering the required functional benefits whilst requiring the minimum sacrifices to be made.

The activities comprising the value study fall within three generic phases:

• Orientation and Diagnostics
• Value Workshop
• Implementation

Value studies in the form of value management (VM) or value engineering (VE) can happen at any point during the project but typically occur at:

• Strategic briefing – project planning and business definition.
• Project briefing – performance specification and the establishment of systems.
• Concept design – the technical expression of the project brief.
• Charette (C) – undertaken in the place of the studies at points 1, 2 and 3, see Chapter 2, Figure 2.4.
• Detailed design.
• Specialist design of the component parts of the project.
• Operations, manufacture and/or construction.
• The integration of the project back into the core business. The core business of the client reflects the mission of the organisation. For example, the mission and core business of a pharmaceutical company may be ‘the responsible and sustainable procurement, marketing and selling of health and beauty products’. A project to enhance the core business may require a value study to determine the optimal method of integrating the project ...