Value management is a systematic approach to eliminating waste from a design or client's brief, while at the same time retaining the safety and key functions of the project.
The objective of value management is to deliver the project functions to the required quality for the best value for the money expended. This does not necessarily mean at the lowest initial cost, but the highest value considering all factors impacting upon the project as a whole.
The quantity surveyor is well qualified to lead value management studies on a project. The structured nature of value management permits the project team to obtain a clearer understanding of the project functions and objectives hence being able to reduce unnecessary costs. Value management also addresses the whole life implications of the building design both in terms of cost and the client's business objectives.