valuemanagement
Value management is a systematic, multidisciplinary approach aimed at improving the value of a project, product, or service by optimizing function relative to cost and risk. It seeks to deliver necessary performance and quality at the lowest total lifecycle cost, without compromising core objectives.
Value management rests on analyzing the functions that a product or project must perform. Function analysis
The approach originated in the United Kingdom in the mid-20th century through the work of Lawrence Miles
Applications and benefits: it is used in construction, infrastructure, product development, IT systems, and facilities management.
Limitations and criticisms: success depends on skilled facilitation and buy-in from project teams; it can require
Related concepts include value engineering, function analysis, lifecycle cost, and cost-benefit analysis.