Value Management of Construction Projects, 2nd Edition

Part 3Whole-Life Business Value

Part 2 describes the value study method with sufficient detail in terms of methodology, tools and techniques and indicative agendas to enable a full understanding of the process of undertaking a value study of a single project. Part 3 reflects the extended role of the VSL, as experienced by the authors in research and practice deep within the client organisation, requiring an understanding of the corporate approach of the client to asset management, Portfolios and Programmes of projects. The value studies undertaken at high level within the client organisation require both an understanding of value management and an appreciation of the task being addressed by the client to promote change which is usually mission-critical and potentially of high risk. It is the melding of the value study approach together with the understanding of what the client is trying to achieve that resulted in successful studies being undertaken in this area.

Chapter 8 addresses the relationship between asset management and value management. A description of asset management and the processes and procedures involved in managing a portfolio of assets is followed by three case studies. Two studies focus on the moving of two client organisations from an operational view of asset management to a more strategic orientation for managing physical assets. The third study describes the rationalisation of a physical asset portfolio involving a small value team of senior managers. ...