Value Management of Construction Projects, 2nd Edition

Glossary

In this book the terms and abbreviations listed here have the meaning ascribed notwithstanding contrary definitions in other publications.

Terms and Abbreviations	Meaning in this Book
AM – Asset management	A defined management process that links an organisation's strategic plan to the whole life management of physical assets. AM includes investment decisions associated with managing assets through time to create value for an organisation.
Benchmarking	Identification and measurement of own performance and comparison with best in class.
Benefits realisation	An audit process conducted at each stage in the development of the project to ensure that the benefits identified in the business case are embodied both in the developing project and at completion, into the organisation's core business.
Business as usual	The things done to keep the business operating on a day-to-day basis.
Business case	The strategic, commercial and/or organisational case for an investment to effect a change to the core business of an organisation.
Client	The person(s) or organisation that engages professional assistance in the undertaking of the inception, planning, financing, execution and commissioning of a project.
Client's Project Value System	The client's value system modified to apply to a specific project and expressed in terms of time, cost and quality.
Client's Value System	The corporate and business values that arise from deep within the client business as the perspectives and ...