PRINCIPLES, PROCESSES, AND PRODUCTS
2.1 PRINCIPLES
2.1.1 What is Value Management?
Definition. The statutory and regulatory definitions encompass analysis of functions
performed by a team of qualified personnel directed at improving performance,
reliability, quality, safety, and life cycle costs of products, systems or procedures. The
study of functions helps to achieve “best value” for resources involved by improving
the relationship of worth or utility to monetary cost. The best value is associated with
an item that has the ability of performing its function at an optimum level of quality,
reliability, maintainability, and life-cycle cost. This analysis reduces processes,
equipment, facilities, services, supplies, or products to their most basic functional
elements and then looks for cost-efficient alternatives.
At minimum, proper value management practice will include all of following items:
identified initiatives
invested resources
implementable......
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