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Value ManagementValue Management&&
Value EngineeringValue Engineering
Future DirectionsFuture Directions
Professor Steven MaleProfessor Steven MaleProfessor of Property & Infrastructure Asset ManagementProfessor of Property & Infrastructure Asset Management
Institute for Resilient InfrastructureInstitute for Resilient Infrastructure
School of Civil EngineeringSchool of Civil EngineeringUniversity of LeedsUniversity of Leeds
1
PresentationPresentation My BackgroundMy Background
Part 1: VM PrinciplesPart 1: VM Principles BackgroundBackground to VM / VEto VM / VE
Introduce VM & VE ideas and conceptsIntroduce VM & VE ideas and concepts
Link VM / VE to programme and projectLink VM / VE to programme and projectmanagement deliverymanagement delivery
Process of VM / VE: different study stylesProcess of VM / VE: different study styles Project levelProject level Generic study stylesGeneric study styles
Part 2: Case studiesPart 2: Case studies -- decision time Yes / No!decision time Yes / No! Typical VM/VETypical VM/VE
ProjectProject rescuerescue
Complex projectsComplex projects
Collaborative project structures: partneringCollaborative project structures: partnering
Infrastructure Asset ManagementInfrastructure Asset Management
Use of VM in organisationalUse of VM in organisational changechange
ConclusionsConclusions22
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ApproachApproach To Value & ProjectsTo Value & ProjectsApproachApproach To Value & ProjectsTo Value & Projects
Programme;Project Strategy& Management
Business Strategy,Process I mprovementAnd Re-engineering
OrganisationalChange
Using VM and VEas a change process
Insights fromInsights fromManufacturingManufacturingand Servicesand Services
ConstructionConstruction
Deve lop , Review or Aud i t L inkages Betw eenBusiness St r a tegy ; Asset Managem ent ; an d / o r ,P rog ramm e & Pro jec t St r a tegy in Cons t ru c t i on
33
VM/VEVM/VE has been around for 60has been around for 60++ years,years, the firstthe firstfour decades were dominated by North Americanfour decades were dominated by North Americandevelopmentsdevelopments
PastPast 1010 -- 1515 years seen a spread of developmentsyears seen a spread of developmentsinto Europe,into Europe, AustralasiaAustralasia,, Asia, including China &Asia, including China &
HK in particularHK in particular VM emerged strongly into constructionVM emerged strongly into construction
internationally in the 1980sinternationally in the 1980s
Divergent thoughts haveDivergent thoughts have now emergednow emerged aboutaboutVM/VE practice, processVM/VE practice, process and its implementationand its implementation
Been contextualised and localised, with a range ofBeen contextualised and localised, with a range ofdifferent standards also emerging internationallydifferent standards also emerging internationally
Background To TheBackground To ThePresentationPresentation
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Background To The PresentationBackground To The Presentation
Presentation is a reflection on:Presentation is a reflection on: Concept of Value, Project Delivery & VM/VEConcept of Value, Project Delivery & VM/VE
since the mid 1980s when we first went to Northsince the mid 1980s when we first went to NorthAmerica, initially to Montreal in particular, thenAmerica, initially to Montreal in particular, thento the USA to learn about VEto the USA to learn about VE
Close to two decadesClose to two decades of practice in theof practice in the UKUK
150+ VM, RM, Project Audit / Rescue Studies150+ VM, RM, Project Audit / Rescue Studies
Present a number of case studies and drawPresent a number of case studies and drawout some conclusions and observationsout some conclusions and observations
aroundaround VM practiceVM practice Present a possible new emerging model forPresent a possible new emerging model for
VMVM
55
PART 1PART 1
VALUE MANAGEMENTVALUE MANAGEMENT
WHATWHAT IT ISIT IS&&
WHATWHAT IS IT NOTIS IT NOT
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VALUE?
Subjective Component
Soft Evidence
Teams and IndividualsMaking decisions and choices
about cost and price
Impacted byPerceptions, Attitudes
Culture, Hierarchy
Objective Component HardEvidence
Objective measures:Cost resources usedMarket based exchanges
Impacted byIndustrial, EconomicSocial and Political
Frameworks Operating
Customer EndUser focused
77
Key IngredientsKey Ingredientsof VMof VM
Stakeholder & Team orientatedStakeholder & Team orientated
Makes explicit the clients valueMakes explicit the clients valuesystemsystem
Uses all information to realiseUses all information to realisefunctionfunction
Auditable, Effective & EfficientAuditable, Effective & Efficient
ChallengingChallenging
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A DEFINITION OF VALUE MANAGEMENT
Value Management is concerned withmaking explicit the whole life packagewhole life packageofbenefits a client requires from an investment /business project at an appropriate cost
HOW Introducing Innovationand Improvements to theproject
Using the rightteam
At the right
time
Through co-operative working,joint problem solving and seeking ouopportunities
Whole life view
WHY INVESTIN THE FIRSTPLACE?
99
A DEFINITION OF VALUE ENGINEERING
Value Engineering is concerned withmaking explicit the whole life packageof
benefits a client requires from the appropriatetechnical project at an appropriate cost
HOW Introducing Innovationand Improvements to theproject
Using the rightteam
At the righttime
Through co-operative working,oint problem solving and seeking outopportunities
Whole life view, especiallyduring design and construction
AM I INVESTINGIN THE RIGHTTECHNICALSOLUTION?
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Risk, Value andRisk, Value and
OpportunityOpportunity
Risk Opportunity
Value
1111
Risk?
Cost?
Quality ?Time ?
Functionality
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SUCCESSFUL
VM
MANAGEMENT STYLEApplying the Concept of Value
Applying the Concept of FunctionCreativity and Innovation
Customer Focus
Qualitative. Quantitative Evaluation
METHODS AND TOOLSUsing the VM study Plan
Using the techniques withina V M study.
ENVIRONMENTUnderstanding the
Internal
OrganisationalEnvironment
Understanding theExternal
Environment
Designing the right
VM approach
HUMAN DYNAMICS
Team Work, Communication and Satisfaction
Encouraging Change
Ownership of Outcomes
Fundamentals of VM Based on BSI
VALUE&
StrategicFit
CORPORATE STRATEGICDIRECTION
ASSET
MANAGEMENT
LAND
AND PROPERTY
NEW FACILITIES
OR
REFURBISHMENT
MANAGING
PROJECT VALUE
STRATEGICPROGRAMME /
PROJECT
MANAGEMENT
PROCUREMENT ANDCONTRACT STRATEGY
TECHNOLOGICAL
MANAGEMENT OF CHANGE
ORGANISATIONAL
VALUE BASED THINKINGVALUE BASED THINKING& PROJECT STRATEGY AND DELIVERY& PROJECT STRATEGY AND DELIVERY
VALUE BASED THINKINGVALUE BASED THINKING& PROJECT STRATEGY AND DELIVERY& PROJECT STRATEGY AND DELIVERY
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VM/VEVM/VE STUDY PROCESSSTUDY PROCESS
PREPARATION
ORIENTATIONAND DIAGNOSIS
PHASE
WORKSHOP
PHASE
IMPLEMENTATION
PHASE
Plan for Implementation & Change
Documentation review
Interviews
Test
Explore
Introducechange
Develop overt/covert agenda
Identify problem contenders
Review workshop tools/techniquesto address problems
Introduce learning
Change attitudes, perceptions
Introduce improvements & innovationthrough process, tools & techniquesand team dynamics
Team refines ideas &improvements
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INFORMATION
ISSUES
ANALYSIS
FUNCTION
ANALYSIS
Other Tools&
Techniques
BACK-TO BASICSIDENTIDY VALUE
MISMATCHES
INFORMATION SHARINGAND PRIORITISING
IDEAS
IDEASAND
OPTIONDEVELOPMENT
ACTION
PLAN
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National & InternationalNational & InternationalStandards & InstitutionsStandards & Institutions
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VM InstitutionsVM Institutions Institute of Value Management (IVM)Institute of Value Management (IVM) UKUK
SAVE InternationalSAVE International USAUSA
Mod 1 & Mod 2 trainingMod 1 & Mod 2 training
Practice; lead approximately 13 studiesPractice; lead approximately 13 studies
Approx 25Approx 25 worldwide in total.worldwide in total.
14 in Europe.14 in Europe. France, particularly focus on functionFrance, particularly focus on function
analysisanalysis
Japan, SAVE franchiseJapan, SAVE franchise
Canada, SAVE focus but also CanadianCanada, SAVE focus but also Canadianperspectiveperspective
Key issue: franchise versus contextualisationKey issue: franchise versus contextualisationlocallylocally
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VM Standards & GuidanceVM Standards & GuidanceDocumentationDocumentation
Government standards.Government standards.
UK: BSI BS EN 12973: 2000 ValueUK: BSI BS EN 12973: 2000 ValueManagement.Management.
Europe:Europe: European StandardEuropean Standard -- ValueValueManagementManagement..
USA: SAVEUSA: SAVE Value MethodologyValue Methodology
StandardStandard.. AS/NZS:AS/NZS: Australian/New ZealandAustralian/New Zealand
StandardStandard -- Value ManagementValue Management..
2121
UK VMUK VM Standards & GuidanceStandards & GuidanceDocumentationDocumentation
Guidance notes.Guidance notes.
BREBRE Value from ConstructionValue from Construction -- GettingGettingStarted in Value Management.Started in Value Management.
ICEICE Creating Value in Engineering.Creating Value in Engineering. CIRIACIRIA A Client Guide to Value ManagementA Client Guide to Value Management
in Construction.in Construction.
CUPCUP No 54 Value Management.No 54 Value Management.
BSRIABSRIA Value Engineering of BuildingValue Engineering of BuildingServices.Services.
CIBCIB Fact sheet onFact sheet on --Value ManagementValue Management..
etcetc2222
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EuropeanEuropean
Certification ProcessCertification Process
Knowledge
Continuous Professional DevelopmentContinuous Professional DevelopmentExp
erience
PracticalExperience
ApprovedAdvanced 1
Course
CVAU-K
ApprovedAdvanced 2
CoursePVM
Europe
CVMU-K
Professional Modules &Strategic Applications
TVMEuropeTrain the
Trainer
ApprovedFoundationCourse
2323
Cost Reduction Cheapest solutionregardless of clientfunctional requirements
ProjectConceptIntact
ProjectConceptIntact
ValueManagement
StrategicImprovement
Identifying the rightproject
ProjectConceptmay be radicallyaltered
TechnicalImprovement
Design and Construction
Structured and systematic processthat keeps client functional requirements
to the fore
Reduce, redistribute oradd in cost based onfunctional analysis
ValueEngineering
Value strategy
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EXAMINE THE ROLE OF VMEXAMINE THE ROLE OF VM
IN THEIN THEPROJECT VALUE CHAINPROJECT VALUE CHAIN
AND PROJECT DELIVERY PROCESS?AND PROJECT DELIVERY PROCESS?
USING BENCHMARKING OF VM;THROUGH LIVE CASE STUDIES;
AND
DEVELOPMENT OF VM STUDY STYLES
MULTI AND SINGLE PROJECT FOCUSED
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Value Based Thinking:Reverse Engineering Client Assets and Projects?
CapitalOperation
andMaintenance
Business / Social value
and benefit
Ratio: 1 to 10 to 100
Source: Adapted from Professor Ken Treadaway (BRE)
Traditional Approach to Investing in Assets & Projects?
VM Approach to Investing in Assets & Projects? Why is it needed in the first place,
why should I invest, for what purpose and
what benefits will be derived from that investment?
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VMVM CascadeCascade
SS
PP PP
ProjectProject ProjectProject
ProjectProject ProjectProject ProjectProject ProjectProject
ProjectProject
VMVM
Strategic studies atStrategic studies atBoard levelBoard level
ProgrammeProgrammestudiesstudies
ProjectProjectstudiesstudies
ValueValuesystemsystem
Individual Project Value Chain
Corporate
Value
Business
Value
Feasibility
Value
Design
Value
Construction
Value
Commission
Value
Operational
Value
Project Programme Value
Corporate
Value
Business
Value
Project Value:
The Individual Project Value Chain
Strategic /Tacticaldelineation
The decisionto construct
The Project Value Chain
Customer is purchasing BENEFITSat each stage of the process
Each stage and processshould be adding value maintaining the value
thread
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WHEREWE ARENOW
CurrentBusiness
WHEREWE
WANTTO BE
TheBlueprintfor the
Business
ISLANDOFSTABILITY
ISLANDOFSTABILITY
ISLANDOFSTABILITY
BUSINESS STRATEGY ANDSUPPORTING STRATEGIES INCLUDING IS STRATEGY
OTHER INITIATIVES
BUSINESS OPERATIONSSUPPORT SERVICES
PROJECTS PROJECTS
Business Strategy, Programmes & Projects (Source; CCTA 1994)
SUCCESSFUL
VM
MANAGEMENT STYLEApplying the Concept of Value
Applying the Concept of FunctionCreativity and Innovation
Customer Focus
Qualitative. Quantitative Evaluation
METHODS AND TOOLSUsing the VM study Plan
Using the techniques withina V M study.
ENVIRONMENTUnderstanding the
InternalOrganisationalEnvironment
Understanding theExternal
Environment
Designing the right
VM approach
HUMAN DYNAMICS
Team Work, Communication and Satisfaction
Encouraging Change
Ownership of Outcomes
Fundamentals of VM
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QUESTIONSQUESTIONS
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Part 2Part 2
CASECASESTUDIESSTUDIES
VMVM Study StylesStudy Styles
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Study 2: project audit on whole design andStudy 2: project audit on whole design andtender processtender process classic US styleclassic US style
VM teamVM team Two VM consultants; shadow design team plusTwo VM consultants; shadow design team plus
contractorcontractor Client/end users representativesClient/end users representatives
Took whole team through VM & VE process toTook whole team through VM & VE process toanalyse project, designs and costanalyse project, designs and cost
ConclusionsConclusions Brief had difficulties embedded in it, difficultiesBrief had difficulties embedded in it, difficulties
with end user control also in briefing processwith end user control also in briefing process Design problematic in certain areasDesign problematic in certain areas Claims likely with out turn costs likely as 21m+Claims likely with out turn costs likely as 21m+ ? Right site? Right site Project cancelled by clientProject cancelled by client
Library ProjectLibrary Project
3939
Study 3: Briefing studyStudy 3: Briefing study VM team comprised:VM team comprised:
Two VM consultants, same shadow designTwo VM consultants, same shadow designteam plus contractorteam plus contractor
Client/end users representativesClient/end users representatives
Took whole team through VM process toTook whole team through VM process to
develop brief and budgetdevelop brief and budget Used Strategic analysis to identify correct siteUsed Strategic analysis to identify correct site
Used Element analysis to identify appropriateUsed Element analysis to identify appropriatetechnical solutions to meet functions, and,technical solutions to meet functions, and,develop detailed budget for control purposesdevelop detailed budget for control purposes
Detailed investigation of procurement optionsDetailed investigation of procurement options
Library ProjectLibrary Project
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COMPLEXCOMPLEXPROJECTSPROJECTS
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VM Approaches: Study StylesVM Approaches: Study Styles 22ClassicClassic UK VM/VEUK VM/VE
VM Approaches: Study StylesVM Approaches: Study Styles 22ClassicClassic UK VM/VEUK VM/VE
Rail project (Thames Link 2000), projectRail project (Thames Link 2000), projectprogramme level:programme level: Investment programme, 9 projectsInvestment programme, 9 projects Agreed project missionAgreed project mission Project priorities, TWA programme, budgetsProject priorities, TWA programme, budgets
Reviewed each project for alignment with overallReviewed each project for alignment with overallproject missionproject mission Implementation workshop: full review of all projectImplementation workshop: full review of all project
studiesstudies 9 studies, 10 weeks, 2 VM consultant teams9 studies, 10 weeks, 2 VM consultant teams
working in parallelworking in parallel
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Airport Investment programme (SS2)Airport Investment programme (SS2)
400 projects; prioritised by airport using400 projects; prioritised by airport usingweighting and scoringweighting and scoring
VM approachVM approach
Identified function / purpose of eachIdentified function / purpose of eachprojectproject
Value MatrixValue Matrix
Identified projects as developing capabilitiesIdentified projects as developing capabilitiesor maintaining capabilitiesor maintaining capabilities
Clustered around strategic objectivesClustered around strategic objectives
Identified capabilitiesIdentified capabilities --5, current, +55, current, +5yearsyears
Case StudiesCase StudiesCase StudiesCase Studies
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OutcomesOutcomes
Indentified investment gaps againstIndentified investment gaps againststrategic objectivesstrategic objectives
Identified over investment againstIdentified over investment against
certain strategic objectivescertain strategic objectives Challenged individual projects withinChallenged individual projects within
investment programmeinvestment programme
Challenged whether projects wereChallenged whether projects weredevelopment or maintaining capabilitiesdevelopment or maintaining capabilities
Challenged whether projects wereChallenged whether projects werebuilding current and future capabilitiesbuilding current and future capabilities
Case StudiesCase StudiesCase StudiesCase Studies
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ISSUESISSUES
SimultaneousSimultaneous development of:development of:
Partnering agreements, modus operandiPartnering agreements, modus operandiand building team / supply chainand building team / supply chaincommitment,commitment, incentivisationincentivisation structures (astructures (adifficult area)difficult area)
VE existing design, investigatingVE existing design, investigatingconstructability issues; constructionconstructability issues; constructionmethods,methods, analysinganalysing and managing risksand managing risks
Taking the team throughTaking the team through the realitythe reality of whatof whatpartnering means and may mean on thepartnering means and may mean on theprojectproject
5353
Asset Management PlanningAsset Management PlanningUsing VMUsing VM
Hybrid Study: Combined useHybrid Study: Combined useof VM Styles 1 to 4of VM Styles 1 to 4
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An Asset Strategy enables anorganisation to establish the asset itwants to create, maintain, upgrade,dispose of to meet its service deliveryrequirements.
This perspective drives an organisationto consider why it wants to invest incertain physical assets or divest itself ofothers.
Having established an asset strategyand the associated scope of the assetportfolio, this then needs to bemanaged through time using an AssetManagement Planning process
5555
Value Challenges SurroundingValue Challenges SurroundingAsset Management in the Case OrganisationAsset Management in the Case Organisation
An Asset Rich OrganisationAn Asset Rich Organisation -- it has approximately 23bn ofit has approximately 23bn ofreplacement value assetsreplacement value assets
Relies on but does not have direct control over 3Relies on but does not have direct control over 3rdrd partypartyassets which effect it doing businessassets which effect it doing business
It spends approx 350m /It spends approx 350m / annann on CAPEX and OPEXon CAPEX and OPEXmaintenance expenditure, or, 1.75bn over a five yearmaintenance expenditure, or, 1.75bn over a five yearperiodperiod
The asset base is made up of over 80 000 individual assetsThe asset base is made up of over 80 000 individual assetsof various types and plus over 24 000km of linear assetsof various types and plus over 24 000km of linear assets
Asset base comprises components and assets in systemsAsset base comprises components and assets in systems
The complexity of theThe complexity of the organisationssorganisationss asset base residesasset base residesalongside other major asset rich organisations but it is has aalongside other major asset rich organisations but it is has aunique set of driversunique set of drivers
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Value Management Critical Success Factors definedValue Management Critical Success Factors definedas structuring the valueas structuring the value study processstudy process as a change as a changemethodologymethodology
Orientation & Diagnostic Phase; WorkshopOrientation & Diagnostic Phase; WorkshopPhase; Implementation PhasePhase; Implementation Phase
Deciding on the approach and teamDeciding on the approach and team
Identifying value challenges/problems; structuringIdentifying value challenges/problems; structuringand restructuring information, the skill of the valueand restructuring information, the skill of the valuemanager as facilitator during the workshop processmanager as facilitator during the workshop process
Team structure, skills & working relationshipsTeam structure, skills & working relationships
Attitude of the stakeholders to the project, serviceAttitude of the stakeholders to the project, serviceand/or the value processand/or the value process
Value Based ApproachesValue Based ApproachesValue Based ApproachesValue Based Approaches
7373
EMERGING MODEL FOR VMEMERGING MODEL FOR VM
A clear need to move away from theA clear need to move away from thedangers of tick box & just facilitatingdangers of tick box & just facilitatinga workshop into:a workshop into:High value adding problemHigh value adding problem
structuring & solvingstructuring & solving processprocessSupported by clear implementationSupported by clear implementationstrategy & working alongside clientsstrategy & working alongside clients
Clients need to allocate theClients need to allocate theappropriate time for studiesappropriate time for studies
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Value SystemAlignment
Information
Structuring and
Problem Solving
IndependentValue
Manager (s)
Study Style 1
where a value manager
works with an existingteam to assist them to
understand valueproblems, structure
thinking and develop a
way forward.
Study Style 2
where a value
manager works withan existing team
and the objective is
to challenge and
introduce change.
Value SystemReconfiguration
Information Structuring,Problem Solving, Value
System Challenge,
Alignment and Realignment
IndependentValue
Manager (s)
Independent ValueManagement Team
of Specialists
Study Style 4
where a value
manager bringstogether a tailoredindependent value
team of specialist fora value audit and
reconfiguration.
Value System Auditand Reconfiguration
Information Structuring, Problem
Solving, Value System
Challenge, Alignment,
Realignment, Evolution orRevolution
Value SystemAudit
Information Structuring,
Problem Solving, and
Value System Challenge
Study Style 3
where a value
manager bringstogether an
independent tailored
team of specialistsfor an audit study
Independent ValueManagement Team
of Specialists
Increasing Levels of Professional Judgement Required
Increasing Levels of Value System Intervention Required
7777
VM AS A CHANGE PROCESSVM AS A CHANGE PROCESS
PREPARATION
ORIENTATIONAND DIAGNOSIS
PHASE
WORKSHOP
PHASE
IMPLEMENTATION
PHASE
Plan for Implementation & Change
Start Unfreezing
Unfreezeand Move tonew Level
? WorkshopDuration
Re freezing tonew Level
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