Value Management and Value Engineering in Projects Training Course: Systematically improving the value-for-money of project outputs

Introduction

Maximize project returns and optimize resource utilization with our "Value Management and Value Engineering in Projects" training course. In an era where every investment counts, ensuring projects deliver maximum "value-for-money" is paramount. This intensive 10-day program equips project professionals with systematic methodologies to analyze functions, identify unnecessary costs, and innovate solutions that enhance project outputs while optimizing resource use. Learn to apply proven Value Management and Value Engineering techniques to challenge assumptions, foster creative problem-solving, and deliver superior stakeholder satisfaction and organizational benefit, ensuring your projects consistently achieve higher value and greater impact.

Duration

10 Days

Target Audience

This course is ideal for project managers, program managers, project sponsors, design engineers, cost estimators, procurement specialists, business analysts, product developers, and anyone involved in defining, designing, delivering, or approving project outputs, especially in contexts where optimizing value-for-money is critical. It is particularly beneficial for those in:

  • Construction and infrastructure projects.
  • Manufacturing and product development.
  • IT system development and implementation.
  • Public sector projects and procurement.
  • Organizations seeking to improve cost-effectiveness, quality, and stakeholder satisfaction.
  • Professionals aiming to enhance their problem-solving and innovation capabilities.

Course Objectives

Upon successful completion of the "Value Management and Value Engineering in Projects" training course, participants will be able to:

  • Understand the core principles of Value Management (VM) and Value Engineering (VE) and their distinct applications in projects.
  • Differentiate between cost reduction and value improvement and focus on optimizing value-for-money.
  • Apply a systematic VM/VE job plan to analyze project functions, identify areas for improvement, and generate creative alternatives.
  • Master techniques for performing functional analysis and defining the "worth" of project components.
  • Develop innovative solutions that reduce costs without compromising essential functions or quality.
  • Conduct effective cost modeling and life cycle costing to evaluate value alternatives.
  • Facilitate VM/VE workshops, fostering interdisciplinary collaboration and creative problem-solving.
  • Understand the challenges and success factors for integrating VM/VE into the project lifecycle.
  • Develop effective communication strategies to present value proposals and gain stakeholder buy-in.
  • Formulate a comprehensive action plan for implementing Value Management and Value Engineering in their projects and organization.

Course Modules

Module 1: Introduction to Value Management and Value Engineering

  • Defining Value: Function, cost, and worth. The concept of "value-for-money."
  • What are Value Management (VM) and Value Engineering (VE)? Origins and evolution.
  • VM vs. VE: Proactive vs. reactive, strategic vs. tactical application.
  • Benefits of VM/VE: Cost reduction, quality improvement, enhanced functionality, reduced risk, increased stakeholder satisfaction.
  • Case studies of successful VM/VE applications in diverse industries.

Module 2: The Value Management Job Plan Overview

  • Understanding the structured VM/VE Job Plan: Information, Function Analysis, Creative, Evaluation, Development, Presentation.
  • Importance of a systematic approach for maximizing value.
  • Roles and responsibilities within a VM/VE study team.
  • Preparing for a VM/VE study: Defining scope, objectives, and team composition.
  • Integrating the VM/VE Job Plan into the project lifecycle.

Module 3: Information Gathering and Functional Analysis

  • Collecting essential project information: Plans, specifications, costs, stakeholder requirements.
  • Understanding functional analysis: What does it do vs. what is it?
  • Defining basic vs. secondary functions.
  • The "Verb-Noun" technique for expressing functions.
  • Functional Analysis System Technique (FAST) Diagramming: Mapping project functions and their relationships.

Module 4: Costing and Worth for Value Analysis

  • Understanding project costs: Initial capital cost, operating costs, maintenance, disposal.
  • Life Cycle Costing (LCC): Analyzing total cost of ownership over the project's lifespan.
  • Assigning costs to functions: Determining the cost of performing each function.
  • Defining "Worth": The lowest cost to perform a function.
  • Identifying "poor value" areas where cost significantly exceeds worth.

Module 5: Creative Thinking and Idea Generation

  • Brainstorming and other creative techniques for generating alternative solutions.
  • Overcoming mental blocks and fostering divergent thinking.
  • Exploring different approaches to performing project functions.
  • Encouraging interdisciplinary collaboration for diverse ideas.
  • Documenting and organizing generated ideas for further evaluation.

Module 6: Evaluation and Selection of Alternatives

  • Developing evaluation criteria: Cost, performance, risk, implementability, stakeholder impact.
  • Using scoring matrices and weighting techniques to objectively evaluate alternatives.
  • Prioritizing ideas based on value improvement potential.
  • Assessing feasibility and practicality of proposed solutions.
  • Shortlisting the most promising value alternatives for further development.

Module 7: Development and Refinement of Value Proposals

  • Fleshing out selected alternatives into detailed value proposals.
  • Technical feasibility studies and detailed cost estimates for proposed solutions.
  • Refining designs to optimize both cost and performance.
  • Addressing potential risks and mitigation strategies for new approaches.
  • Quantifying the value benefits (cost savings, performance gains) of each proposal.

Module 8: Presentation and Implementation of Value Proposals

  • Developing compelling presentations for stakeholders and decision-makers.
  • Communicating the "value story": Why the proposed changes are beneficial.
  • Gaining buy-in and approval for implementing value engineering changes.
  • Managing the change process: Integrating approved proposals into the project plan.
  • Monitoring and verifying the realized value benefits post-implementation.

Module 9: Advanced Topics in Value Management

  • Integrating VM/VE with Lean, Agile, and Quality Management.
  • Value Management in different project phases (e.g., conceptual design, detailed design, construction).
  • Value Management for services and processes, not just physical products.
  • Measuring the return on investment (ROI) of VM/VE efforts.
  • The role of facilitation skills in successful VM/VE workshops.

Module 10: Building VM/VE Capability & Action Plan

  • Challenges and success factors for institutionalizing VM/VE.
  • Establishing a VM/VE program or practice within an organization.
  • Training and developing internal VM/VE expertise.
  • Fostering a culture of value-consciousness and continuous improvement.
  • Personalized action plan: Identifying a project for a VM/VE study and outlining implementation steps.

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

 

Value Management And Value Engineering In Projects Training Course: systematically Improving The Value-for-money Of Project Outputs in Saint Lucia
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