Workshop 2: A Key VM Technique: Function Identification

Function and Cost are considered as the key components of ‘Value’ in Value Management (VM). VM has been used since 1947 in America to assist management, architects and engineering professionals to obtain optimum value for each dollar spent. As construction professionals, we should not only acquire technical knowledge for the design and cost management but must also develop various management skills for setting the primary goals. This mini-workshop will be conducted in an interactive approach focusing on the Function Analysis. Participants will experience the VM technique by the participation of the VM process.

Summary of Content View Video

• Objective of Value Management
• Ensure Value for Money from the whole system.
• Value Management is a Structured, Systematic and Analytical Process which seeks to achieve value for money by providing all the necessary functions at the lowest total cost consistent with required levels of quality and performance.
• Value Management is NOT:
• Cost Planning
• Cost Engineering
• Project Management
• Quality Assurance
• Life Cycle Costing
• Project Auditing
• A “cure-all”
• A “witch hunt”
• “Design by Committee”
• Key Relationships:
• Function - What it must do
• Cost – How much you pay
• Worth – Lowest cost to perform
• The Five Phase Job Plan:
• Information
• Creative
• Analysis
• Evaluation
• Reporting
• VM Rules
• Function Analysis
• FAST Diagram
• How-why logic
• Function Identification: Higher order function, basic function and supporting function.
• Participation in VM Process
• VM Cases Studies
• Benefits of Value Management:
• Value for money from the whole project
• Appropriate quality for the project
• Responsiveness to client’s priorities
• An opportunity for the client and users to formally participate in the design process
• Client’s and users’ insight into the project
• Improved communication among stakeholders

Useful Linkage:
HK Gover’t: http://www.cedb.gov.hk/citb/ehtml/home.html
HKIS: http://www.hkis.org.hk/hkis/html/professional_cpd.jsp
HKIVM: http://www.hkivm.com.hk
BCM: http://bcm.cityu.edu.hk
SAVE (FAST Diagram): http://www.value-eng.org/catalog_monographs.php

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    Events Achieved:

Seminar Workshop Conference Seminar 12   Novel VM Applications in Europe Seminar 11   VM Trends in the United States Seminar 10   Information Analysis for Complex Projects Seminar 9   Innovative Application of the VM for Large, Complex Projects Seminar 8   Innovative VM Techniques in Complex Projects Seminar 7   Successful VM applications in Australia Seminar 6   Enhancing Value in Facilities by VM - Attracting Investment in China (in Xian) Seminar 5   Enhancing Value in Facilities by VM - Attracting Investment in South China (in Beijing) Seminar 4   Extending Your VM Business in China (in Shenzhen) Seminar 3   Sustainability/ LEED & Life Cycle Costing -Their Role in Value-based Design Decision-making (VM) (in HK) Seminar 2   Is Value Engineering successfully internationally? (in HK) Seminar 1   How can the value Management work in the HK construction industry? (in HK) Workshop 8   Formal VM Training Workshops (modeules I and II) for Construction Workshop 7   Key VM phase: Evaluation Analysis Workshop 6   Key VM phase: Creativity Techniques Workshop 5   Key VM phase: Function Analysis Workshop 4   Value Management for Design & Construction methodology & Application Module I - Training workshop (in Beijing) Workshop 3   Value Management for Design & Construction methodology & Application Module I - Training workshop (in HK) Workshop 2   A Key VM Technique: Function Identification (in HK) Workshop 1   VE "CMethodology & Application Module I" CTraining workshop (in HK) International Conference 2   Value Engineering for Construction Projects (VECP05) (in Korea) International Conference 1   Why Re-Invent the Wheel? (in HK)

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