Value Management

Value Management

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ASSIGNMENT QUESTION / SOALAN TUGASAN PURPOSE The application of value management in real practices; the definitions, the effective way in delivering value management and the functional basis for embellishing the business. INTRODUCTION Value management was first introduced in Malaysia in 1986. Currently there is evidence of some organisations in Malaysia applying some concepts of VM in their project operations. It is clearly indicated that, in Malaysia, its application is still in its infancy thus, to promote the application of VM in the industry, it is crucial to understand its current state of its application before a system of VM philosophy can be developed to suit the current local scenario. The clients’ understanding towards the VM concept is important as it is not just merely considering the cost but it considers the relationship between value, function, quality and cost in a wider perspective leading to the fundamental contribution of VM application whereby it eliminated the unnecessary cost which does not contribute to the project’s value, system and facilities. This assignment requires a case studies or direct application of value management on the workplace of company or organization. By completing this task it will reveal the concept as well as the preparation and the challenges of applying the VM into real business of practices. REQUIREMENT / ASSIGNMENT QUESTION 1 1. Literature Review. i. History of Value Management. ii. Definition of Value Management and concepts of Value Management. iii. Responsibilities of Value Management Study Team. (10) REQUIREMENT / ASSIGNMENT QUESTION 2 1. Company or organization background; a. Introduction and background of the company or organization. b. Type of business or activities. c. Objectives of the company or organization (Mission and visions). d. Type of clients. 2. Definition of what the owners and end users mean (or should) by value, thus providing a precise basis for making decisions throughout the project. 3. A basis for ensuring the project is the most effective way of delivering business benefits and satisfying business needs. 4. A functional basis for embellishing and refining the business case for the project, by addressing both the monetary and non-monetary benefits. 5. A functional mechanism to measure value, taking into account monetary and non-monetary benefits and thus demonstrating value for money. (40) MUKA SURAT TAMAT / END OF PAGE