Value Mgt.

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Information about Value Mgt.
Education

Published on June 23, 2008

Author: unique2000

Source: authorstream.com

Slide 1: Value Management in brief… _____________________________ Benefits to the business. Based on “website” reading Back Ground… :  Back Ground… In the 1940’s and 50’s Lawrence D. Miles developed a technique to improve values in existing products. This technique was used principally to identify and eliminate unnecessary costs . This technique is called Value Analysis (VA). Value Management (VM) has evolved out of this technique with the concept that it is equally effective in increasing performance and addressing resources other than cost. This made Value Management a powerful technique in both the area of production and services, projects & administrative procedures. Definition… :  Definition… Value Management (VM) is a management technique putting big emphases on employee motivation, skills development, promoting synergies and innovation. The main aim of this technique is to maximize the overall performance of the whole organization/ department. The Concept of Value :  The Concept of Value Value “good/bad” is measured based on the relationship between the satisfaction of needs and the resources used to reach such satisfaction. Minimum resources used or greater the satisfaction level means greater value. In organizations/ departments the aim of Value Management is to achieve the greatest progress towards its business goals with the use of minimum resources. Value Management technique… :  Value Management technique… VM technique involves 3 main steps: An awareness of value for the organization/ department, 1- Setting up measures/an estimate of value. 2- Monitoring methods, and 3- Controlling methods. A strong focus on the objectives and targets . A strong focus on deliverables “ maximizing innovative and practical outcomes”. WHAT- WHY- WHAT-WHY… The Formula… :  The Formula… Satisfaction of Needs Value = -------------------------------------------- Use of resources( Staff , $,time , etc.) As long as the level of satisfaction of needs is higher than the used resources ( staff, $, time, etc ), then the value is in the positive side. The Technique Key Principles :  The Technique Key Principles Value Management brings together different management approaches to form a strong management technique in one system: I- Working style Strong teamwork and communication. Focus on deliverables / on doing (functional approach).  Encouragement of creativity and innovation. Customer/ partner needs & requirements .   Open mind, an examination of different options. Encouraging change. The ownership of the outcomes by everybody in the team. Key Principles… (cont.) :  Key Principles… (cont.) II- Examining external and internal environment External and internal conditions - over which team may have little influence; The degrees of freedom the team have in relation to the external and internal conditions. The Benefits of Value Management :  The Benefits of Value Management 1- Provides good basis to management for better business decisions. 2- Improves provided services to partners/customers real needs. 3- Facilitate innovation to support organization competitiveness . 4- Strong awareness of value culture, with good understanding of business's goals; 5- Good knowledge of business/ organization KPIs . 6- Enhance communication and the efficiency of teamwork. 7- Commitment from partners/customers and stakeholders. Slide 10:  Thank you ,,,

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