So what is this thing called value management that you keep hearing about?
Value management is designed to create value, is scalable, is used by over 250,000 consultants worldwide and also has an international standard. (BS EN 12973:2000)
Definition- BS EN 12973:2000
A style of management, particularly dedicated to motivating people, developing skills and promoting synergies and innovation, with the aim of maximising the overall performance of an organsisation.
Applied at the corporate level, VM relies on a value based organisational culture taking into account value for both stakeholders and customers. At the operational level it implies, in addition, the use of appropriate methods and tools.
How it works in practice.
It is a complete framework for business improvement and can be used for products or services or both. It is supported by the Office of Government Commerce, DTI, Treasury and many others. Cost benefits ratios exceed 10:1 with the majority of studies providing significantly higher returns, with some organsiations claiming 75:1.
The key elements of VM are:
Value Management is concerned with improving and sustaining a desirable balance between the wants and needs of stakeholders and the resources needed to satisfy them. Stakeholder value judgements vary, and VM reconciles differing priorities to deliver best value for all stakeholders.
VM is based on the principles of defining and adding measurable value, focusing on objectives before solutions, and concentrating on function to enhance innovation. It uniquely combines within an integrated framework a value focused management style; a positive approach to individual and team motivation; an awareness of the organisational environment; and the effective use of proven methods and tools. (http://www.ivm.org.uk/whatisivm.php)
Value management is designed to create value, is scalable, is used by over 250,000 consultants worldwide and also has an international standard. (BS EN 12973:2000)
Definition- BS EN 12973:2000
A style of management, particularly dedicated to motivating people, developing skills and promoting synergies and innovation, with the aim of maximising the overall performance of an organsisation.
Applied at the corporate level, VM relies on a value based organisational culture taking into account value for both stakeholders and customers. At the operational level it implies, in addition, the use of appropriate methods and tools.
How it works in practice.
It is a complete framework for business improvement and can be used for products or services or both. It is supported by the Office of Government Commerce, DTI, Treasury and many others. Cost benefits ratios exceed 10:1 with the majority of studies providing significantly higher returns, with some organsiations claiming 75:1.
The key elements of VM are:
- Creative Teamwork
- Involvement of key staff and stakeholders
- Project planning via the VM work plan
- Function analysis to improve services, projects, products and services.
- VM integrates a wide range of tools and techniques
- Programme management is usually via a Value Management steering group.
- Run by qualified practicioners.
Value Management is concerned with improving and sustaining a desirable balance between the wants and needs of stakeholders and the resources needed to satisfy them. Stakeholder value judgements vary, and VM reconciles differing priorities to deliver best value for all stakeholders.
VM is based on the principles of defining and adding measurable value, focusing on objectives before solutions, and concentrating on function to enhance innovation. It uniquely combines within an integrated framework a value focused management style; a positive approach to individual and team motivation; an awareness of the organisational environment; and the effective use of proven methods and tools. (http://www.ivm.org.uk/whatisivm.php)
