Value Management in the construction industry is a process of comprehensive analysis of building functions in order to reduce unnecessary costs while retaining or even improving the assumed functionality, quality and finishing standards in accordance with the expectations and requirements of the investor.
Value Management is based on three levels:
- Value Planning which takes place at the planning and designing stages of project concept;
- Value Engineering focused on design optimization solutions;
- Value Reviewing which is provided at any stage of project to verify the effectiveness of value management in respect of all factors affecting improved investment.
The key to maximizing benefits is to start the Value Management process at the earliest stage of the investment process, i.e. at the initiation of the investment itself. Optimization of solutions and costs must also anticipate and consider all facility life cycles, including elements related to the construction, operation and end of life of the building.