In this module we learnt about value management. In essence, we learnt that the motive of value management is to increase the value of a development. This approach can potentially make a project more resource-efficient and sometimes may bring better profit for the client. There are four main approaches to increasing the value of a development, namely cost reduction, function increase, compound approach, and expand growth approach.
We also learnt about the types of unnecessary costs and way to eliminate them. Some techniques in value management include FAST diagram (Function Analysis System Technique) used to identify the purpose of an action taken in VM. Another method is priority setting matrix, which is used to identify the most suitable choice based on an identified set of requirements.
All in all, I have learnt much from this module regarding value management. I would like to thanks Sr Loo Seong King for his dedication in lecturing us for this module.
Regards,
Pang Khai Shuen
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