In this module, we were taught on the history, background, theories, concepts as well as principles of value engineering/value management in decision making processes. The module also introduces the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage. It is then generally covers area of implementation of value engineering and the key person involved – the facilitator. The subject then concludes with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.
Among the highlighted issues and topics in this subject is the three aspects of VM, which are function, value and cost. In return, these attributes should provide benefit to the client whether in terms of cost reduction, cost saving or improvement of function and value. .
At the end of this module, I realised that I am able to identify the best and most appropriate time to carry out Value Engineering given the different construction phases present for every project. I am also now aware of the contribution of the value engineering /value management in a project's development process. VM can be applied to a value outcome in a decision making process.
As for the assignment, we were required to work in a group and prepare a case study report. Prior to the case study, we have to source for an actual VM report to work as a reference which we can apply into the case study. My group contacted Institute of VM which reverted us to an experienced Value Manager. He was helpful and guided us through the implementation of VM in the report. The main aim of this group assignment is to help us develop a deeper appreciation of the concepts learnt in this module by applying them in the assignment.
Overall, I personally feel that this subject has taught me a lot about Value Management and besides being really interesting, I really see the need of VM implementation in our country and I see a huge potential on the adoption of VM in the future.
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