Managing value as a management style for projects

Value management (VM) is presented as a methodological management style for enhancing value in projects. It draws together conceptual thinking on the project as a value chain with historical and international developments in value management and value engineering (VE). Lessons are distilled from the authors’ and others published material and from their experience of conducting a diverse range of VM studies across the private and public sectors, at all project stages from inception to operation/facilities management, under all forms of procurement, and more recently as an underpinning in the development of a national asset strategy for the UK’s Environment Agency and for improving property asset management across the central civil government estate for the UK’s Office of Government Commerce. A series of study styles for conducting value management are presented with the potential to take VM to its next stage of development.