What is the purpose of value management?

The purpose of value management is centered around maximizing value through client-established decision systems, which means that it seeks to enhance the overall value delivered by a project while involving stakeholders in the decision-making process. This approach aligns closely with a project's objectives and priorities, allowing the team to evaluate various functions and costs in order to achieve the best balance between quality, performance, and cost-effectiveness based on the client's needs.

Value management emphasizes the importance of stakeholder engagement and understanding the client's perspective, which in turn informs decisions that ultimately lead to increased satisfaction and project success. It encourages innovative thinking and problem-solving, focusing on improving the value proposition rather than merely cutting costs or adhering strictly to specifications.

In contrast, minimizing costs without considering other factors, focusing only on technical aspects, or entirely eliminating project risks do not capture the essence of value management, which is more holistic and strategic in nature. By working within a framework that respects the client's priorities, value management successfully aligns project outcomes with desired benefits and overall value enhancement.