Integrated Value Management

948 Words4 Pages
Concepts, Techniques and Strategies in Value Management The concepts, techniques and strategies of VM had developed over time by many researchers all around the world in various aspects to extent its application, maximising its benefits, and improving its effectiveness. 3.1 Developed concepts in Value Management In the past decades, VM has become more popular in consruction project management. As proof, in Malaysia, the government launches officially the manual of VM in 2010 for the KLIA2. Hayles et al. (2010) stated that VM has become a proactive, problem solving or solution seeking process, which can be used to enhance the functional value(s) of a project by managing its development from design concept to operational use (and eventual…show more content…
In terms of its purpose, activities, steps, and procedures shall all be understood by the project team members to ensure the success of VM application.This research is also similar with a study conducted by Siti Hamidah Abdul Hamid (2011) whereby her research was done to propose a new conceptual framework of Integrated Value Management (IVM) concept. This new concept shall become an alternative to the existing VM framework especially in the Malaysian context of construction industry. IVM enhances the concept of integration in VE, partnering and risk management in all stages of procurement. If the concept of integration can be absorbed by professionals, it can be fully utilized. Either way, it has to maintain the basic principles developed by Miles himself, which is to improve value without sacrificing the intended functions on purpose. This concept has become the basis in the developed concept…show more content…
According to Vertenten and Pretorius (009) “An earned value management system (EVMS) provides a method to measure budget and schedule performance by determining the value of work actually accomplished.”In this sytem, the role of project managers become essential. The concept of a 'triple-constraint' (project scope, time and cost) is being used to manage competing project requirements. Changes in any of the three would affect the other two. Though these three factors can be uncertain for projects, it it does not change the fact that the concept requires a good project manager. Project managers will then manage the projects accordingly to reduce uncertainty in the
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