Value Management

• Introduction
• Integrated Value Analysis
• Value Management Strategies
• Value Management Reviews
• Life-Cycle Cost Review
• Contractor Review
• Maintenance Impact Statement
• Summary
• References

Introduction

Value management is a concept that embraces the design of facilities while balancing appropriate but sometimes competing program, quality, performance, and cost requirements. For an institution to realize the best overall value for its capital investment in new or renovated facilities, the total cost of ownership must be considered continuously throughout the design process. Making good decisions related to true value during design does not happen without a focused effort; but rather is the result of procedures introduced in the process that ensure its consideration and implementation.

This chapter will cover (1) designing for maintainability, (2) the evaluation of designs using life-cycle cost techniques and value management review processes, (3) the use of organized project design reviews, and (4) the development of a facilities maintenance impact statement. Although many needs compete for inclusion in all capital projects, a long-term view of capital assets represents a continuing investment in education facilities. Without the utilization of a value management process, the long-term view is often neglected and those assets are jeopardized.