Contents

List of figures

List of tables

Foreword

Acknowledgements

1 Introduction

1.1 Purpose of this guide

1.2 What is value?

1.3 What is management of value?

1.4 Why is MoV important?

1.5 Where and when should MoV be used?

1.6 MoV in relation to other Best Management Practice guidance

1.7 The structure of this guide

2 Principles

2.1 Align with organizational objectives

2.2 Focus on functions and required outcomes

2.3 Balance the variables to maximize value

2.4 Apply MoV throughout the investment decision

2.5 Tailor MoV activity to suit the subject

2.6 Learn from experience and improve

2.7 Assign clear roles and responsibilities and build a supportive culture

3 Processes

3.1 Frame the programme or project

3.2 Gather information

3.3 Analyse information

3.4 Process information

3.5 Evaluate and select

3.6 Develop value-improving proposals

3.7 Implement and share outputs

4 Techniques

4.1 Function analysis

4.2 Function cost analysis

4.3 Value engineering/analysis

4.4 Techniques commonly used in MoV

5 Approach to implementation

5.1 Plan the MoV activities

5.2 Understand and articulate value

5.3 Prioritize value

5.4 Improve value

5.5 Quantify value

5.6 Monitor improvements in value

5.7 Learn lessons

6 Environment: responding to external and internal influences

6.1 External factors

6.2 Internal factors

6.3 Portfolio considerations

6.4 Programme considerations

6.5 Project considerations

6.6 Operational considerations

7 Embedding MoV into an organization

7.1 Introducing an MoV policy

7.2 Roles and responsibilities

7.3 Setting up a plan for implementing the policy

7.4 Introducing training

7.5 Study leader’s handbook

7.6 Data capture and feedback

7.7 Monitoring and measuring the benefits

7.8 Overcoming barriers to embedding MoV

7.9 Avoiding failure

Appendix A: Document checklists

A.1 Briefing meeting agenda

A.2 Communications checklist

A.3 Equipment list for an effective study/workshop

A.4 Invitation to join the study team

A.5 Option evaluation matrix

A.6 Plan the study

A.7 Recording idea selection

A.8 Reporting study outputs

A.9 Scoping the study

A.10 Study or workshop handbook

A.11 Value-improving proposal forms

A.12 Value improvement tracking report

Appendix B: Toolbox

Appendix C: Health check

C.1 Purpose

C.2 Process

C.3 Framework

Appendix D: Maturity and competence

D.1 Introduction

D.2 Process improvement

D.3 Definition

D.4 Purpose

D.5 Structure

D.6 Use and deployment

D.7 Individual competence models

Glossary

Index