As purse strings tighten and people demand to see a better return on their investment, it can be hard to justify certain spending. Value management can help with weighing up the true costs of a project while also helping to maximise the cost ratio and make sure that each penny spent is put to work in the most effective manner.
Value management is still a specialist service that is underused by too many businesses. In these tough times where value for money is more important than ever and what you get in return for your hard-earned cash is paramount, you could well benefit for from value management.
Showing the value of a project can be harder than some may think. It is not just about the cost, it is about the benefit of the project being conducted, the risks that have to be taken and what the end result will lead to and who will benefit from it.
Return-On-Investment, more commonly known as ROI, is essential to having a profitable and healthy business. Therefore making sure that you achieve the very best value for money on every single one of your projects is of the utmost importance.
It is important to be able to show to the public and to public bodies that projects are being delivered on-budget and with maximised value and have the very best cost ratio that is possible.
Value management is an act that effectively measures the value of projects by focusing on the objectives, the targets and the benefits and solutions that they will bring. Value is not always about getting the very lowest cost or bringing down the budget, it is more about delivering a quality solution to a problem or achieving a product while minimising risk and delivering on everything that was promised. It is also essential that after the project is complete that there is a real benefit to the work that has been carried out, whether it be a saving, an improvement to service, or a benefit for the public, customers, workforce or business in general.
Value management companies can help to cast a fresh eye upon these projects as well as offer independent advice and management. They can also help with value engineering and some even provide risk workshops to help in the understanding of the risks involved and how they can be managed.
Many value management companies will also offer full overall value management as well as value mapping to help breakdown and highlight areas in need of attention and areas that are performing well. These can be combined with risk assessments and an overall value review to make sure that the very best value, in all senses of the word, is being achieved with each and every single project that is undergone.
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