This document was reissued in September 2024 as practice information. It had previously been published in January 2017 as a guidance note. The regulatory requirements remain the same and no material changes have been made to the document. For more information on the document category changes, see Upholding professional standards.
This 1st edition practice information introduces the concepts of value management and value engineering as they relate to construction projects and to the role of chartered surveyors, who have a key role to play in helping manage value across the project.
Value management and value engineering are both concerned with increasing the ratio between benefit (outputs) and the cost or effort (inputs) required, but are often separated in terms of their timing and their scale.
But value is also a relative concept and one of the roles of project management, supply chain procurement and overall procurement is to manage these imbalances so that the project as a whole provides value to the client.
Published date: 30 January 2017