value (noun, val-ue, \ ˈvæljuː \) management (noun, man-age, ment, \ ˈmænɪdʒmənt \)
Definition: is a method of distinguishing possible opportunities to obtain value from business projects and managing various techniques to support and improve the efficiency and the effectiveness of business projects and operations. In other words, value management is centered around the process of implementing business projects and deriving value from them. Value management may include numerous processes and methods, for instance, finding the optimal balance between a business project’s costs, risks, and benefits it may bring. It involves strategic planning and regular project assessments as well in order to optimize a business’s performance.
In a Sentence:
- The main advantage of the value management is the fact that it allows businesses to establish a clear path for each project.
- Value management establishes the main guidelines for the projects and allows the project teams to be more focused.
- Understanding the customers’ needs and objectives is an essential part of the value management in our company.
Synonyms and related words: benefits management, business operations, value opportunities, value engineering, measurable value