Coursework 1 Brief – Value Management
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Table of Contents
Introduction
The value management includes different standards related to the techniques and the other strategies. It is important to focus on achieving and focusing on proper outcomes as well, with the proper benefits too. The cost of project is marked through evaluating and processing on planning, where there is a complete development procedure for handling the optimization as per the benefits or the risks. There is a need to evaluate on different costs and the judgement is based over the different standards of value management forms.
Part 1:
“It is often stated that Value Management can only be applied to projects; therefore, knowledge of what constitute a project is fundamentally important.”
The strategy is about value management which tend to differ as per the procurement route which is selected and then there are techniques based on implementation to the construction project with success too. The particular approach is on the important aspects of initiatives which are regarded to be important for entire life cycle, like the private financing initiative programmes (Babalola et al., 2019).
Figure: Evolution of Value Focus over the time
The graph highlights about the market value for the goods and services which are effective for proper organizing and performing functions in a project. It is for handling value engineering methods with lesser expensive materials or methods too. The involvement of value engineering highlights, costs, quality and performance which tends to increase with the process.
With working on the recognition of limitations, there are standards or requirements to focus over the materials and the costs. It is not only about focusing over the new products but also focusing on customer requirements too. The approach is as per the changes which are defined to work over the proper planning which is comprehensive. There are incorporating effects for the costs, time or performance to understand the technological forms and standards with better expertise too (Shaqour, 2022).
The major approach is for the warranty of strategic standards where the major focus is on the strategic initiatives with handling the higher risks or the low value patterns. The tactical approach is on profits which involves the qualities to be determined. The value management help in determining how one might not only need the proper programme of acquisition but also handle the lower risks with low value (Pan et al., 2021).
“There is a difference between strategy, programmes and projects:
Despite the fact that there are plainly distinct with the different areas, projects or programmes that share on certain commonalities. The example is related to the structural forms with the repository standards that might be important for different people. It comes with responsibilities to bring the change. Despite of fact, a proper project delivery is more tactical in nature with the proper delivery of programme which is strategic in nature. It might help in producing change that helps in aligning to the strategic goals of organization. The most significant approach is on the distinction with the concerned project to handle a better delivery with tightly specific output under well-defined timeframe or the constraints of budget. There are programme which is concerned with the delivery of outputs under strategic approach that will lead to working over the entire organization. It is for indicating a shift in status. The terms are for project implementation with strict establishment and then transfer which will have a major impact on execution of program. There are different changes under the difficulties that involves the completion of activities. The project execution includes the approaches which seems to be easy as there are necessary factors to meet targets. It is under the certain time frame with the hypothesis that needs a proper test in a field too (Ghafffar et al., 2020).
Figure: Strategic, Programme and Operational Risks
The figure highlights about the risks analysis along with the corporate priorities or the risks which are associated to institution wide activity. The delivery to the strategic priorities and project are localized with specifications to individual projects mainly.
Part 2:
The basics is for the new structures which is undergoing the substantial renovations to meet a current building code. The updates are for periodic standards with recent revisions in March 2016. The laws include the building of requirement, with saving energy or the consumption of water with considering safety like the stair construction. The Workplace Regulations 1992 apply to the new and existing establishments. The rules are then backed with code of practices, with health and safety legislation treating ACOP differently.
The workplace mishaps includes the slips, trips or the falls that tend to continue with leading cause of non-fatal injuries which are recorded under the Report of Injuries, Diseases and the Dangerous Occurrences Regulations 2013. The slip and trip hazards are majorly in public sector buildings which are given major attention with not only being involved for the danger of harm to workers. It is possible that the pollution like the water and soil with the introduction on facility for people’s shoes with lot of foot traffic. The essential approach is on the special attention with the matting and entrances to get a proper guarantee with shoes that are dry as soon as the customers tend to enter the premises.
Interface with general public
In order to prevent the agitated customers, there are grabbing members of staff, with reception desks which are made widely, and the interview areas are used to interview too. There are difficult clients who are designed to provide a proper route of escape with facilities to call up for the case of emergency help. To avoid on the scaring of general public, there are facilities over the utilization of customers which is considered to be a troublesome factor. To combat criminality, the Design Council has issued on certain guidelines. There are different guidelines under the design council to work over the accident rates or the specialized sites which are for defining over the decreased danger. Not only this, there is a need to work on the combatting effects or creating a better experience for user too. (Hong et al., 2020).
Accessibility to general public
The possible approach includes the top of list factors which is given through people seeking services or assistance on difficulty of mobility. The public institutions are needed with making reasonable modifications with facilities to make them accessible for people who might have certain disabilities. As per the public building which is made possible, there are retrofitting of ramps, with elevators and other modifications (Munaro et al., 2020).
Supply of Water
The public buildings majorly like the private ones are having a cold and a hot water system with some of them having a cooling tower too. There are bigger public structures with larger complicated systems too. As per the analysis, the airborne is in the droplets of water for inhaling the people, and then the systems hold a potential for becoming contaminated with legionella bacteria. The staff who has been riding to run to work might majorly be at danger if there are showers. Hence, the temperature is for primary control and then keeping the hot water hot and cold water to be cold. The hot water is at 60 degree C. Hence, the supply is for 50 degree C.
Part 3:
” One-way public-sector agencies make decisions about new projects or programs is to consider a Business Case”
Confirming to the opportunity that exists: It is about describing the current environment along with the holding of business potential which is based on different suggestions. This includes the project history or the investment reasoning or a higher level of needs of business too. The evaluation and refining of choices are to be shortlisted where the decisions are based on three or four possible techniques for proper investigation. A collection of information is for every alternative to examine the possibilities and then build options which could easily be shortlisted too.
Considering the alternatives: The approach is for analysing the possibilities with achieving the company goals, along with the quantifying of advantages for every perspective solution. The choice is for the best one which is as per the strategic and financial value which is provided as per the risks.
Planning for putting the plan majorly into action: Here, the focus is on planning on the strategy of implementation with a particular choice. It is for describing on how the accomplishments are related to the business goals. The resources needed has to be evaluated with holding the responsibilities for every milestone and then how the project risks are being reduced too (Newman et al., 2021).
Making recommendations: The confirmation is for the suggested choice which is correct and then making a proper proposal on how the case of business is defined for the board of directors. The team of management is for permissions to continue and plan properly.
Figure: Business Case Forecast
The figure highlights about the business case to focus on the operational standards, where the net cash flows forecasting, financial tactics and the proper proof is important for making the proper decisions of business. There is a need to understand about the consistency framework or meeting the government needs of accountability too.
“Value Management activity is relevant to the development of strategic outline business case”
The project management includes the tools and techniques where the Earned Value Management is met with greeting and dreading rather than the thought of usefulness. The proper management is for the creating of value for the clients. The delivery of projects is for creating better value with different value management aspects. There are strategies to understand the processes of assessing, planning and then developing the project in an effective manner. The value management is for the project managers which is also familiar to what one constitutes the project for, along with components, activities or processes. The knowledge is for project to enhance proper implementation and determination under a better value solution with alternatives that are used for making decisions. The project goals, and the timeline, budget or deliverable is for project scope, with team skill set that are for the motivation as well. The leadership is considered to be the major aspect for project with project managers being knowledge to achieve value management too (Chen et al., 2021).
The managing of the public employee interaction is important for preventing the violence with handling facilities of public sector, as the term applied. There are different factors in few years ago with the bandit screens that are put up and then there are personnel which is then separated too. A clear line of sight is for the building with well-managed access points that are some of the major features which is implemented properly. The public sector buildings are set through different difficulties which are addressed for fulfilling the functions on public welcome. It helps in defining on how the visitors or staff premises are worked with not placing them in danger in any type. It is also for focusing on designing and then working over the different styles of built up factors (Aljawder et al., 2022).
“Value Management activity is relevant to the Value for Money (VFM) process(s) in UK public sector projects”
The Value for Money is about the defined procedures which is not about paying more for a product but working on services than the quality or the availability. The expenditure of public includes focus on efficiency with reduction of costs and the effectiveness through maximum output or economy that is for the full intended results. The uphold is for the principle of equality with the value for money which is under the return on investment optimization. Along with this, they are at a reasonable price that highlight about the value or price meeting in middle. The quality to price comparison with win-win scenarios are important too. The engaging stakeholders work at a conceptual stage with signed approach by public and then the government action is worth to the people as well. The value for money is about the public expenses which focus on the efficiency of costs and the reduction too. There are standards which are for effective economy fulfilment and the results are mapped with the proper standards of equality too (Chen et al., 2021).
The value for the money tools is for the understanding on engagement at a conceptual stage with the contract signed by the public. It requires that the government actions are worth with the conceptualized people, stated and understood too. The entire budget is laid out with zero based vs incremental. The indicators are linked to budget and costs, with cost of supplying to product which is best for the value of money. With this, there are price and quality analysis which is a major opinion for the professionals. The value for money audits includes the reference to the performance audits with the technical standards or the procurement audits, and system audits too. To acquire the best results, there are critical approaches to identify on the investigative scope as well. The implementation is based on the beneficiary standards which is whether or not the social contract is met and then there are resources for the user surveys or the other feedback factors too.
“Value for Money (VfM) performance assessment process for public sector infrastructure procurement is fraught with barriers and limitations”
The value might be depreciating over the time with the form of money. Hence, there are contrasts for the other forms of investment, like the stocks or the real estate which holds a major potential for working on the rise with the value and inflation.
The rise of inflation leads to fluctuation, with the major problems that might lead to alteration over the time. The value is for the money audits with different restrictions that could stem from the ways where the public sector companies tend to function. The audits are generally undervalued with the accounting and stewardship in public enterprises. The contradictions are for handling goals of public sector too.
Inflation and Deflation: There is money in circulation with the lowering value of the currency that could lead to creating inflation as well. With the people being involved in desiring for getting the money, certain illegal crimes like that of robbery and the murder generally tends to take place (Prabaharan et al., 2022).
Limitations
The approach is for the money multiplier size which is then reduced through leaks and the multiple process of expansion. The assumptions are true with the presumptive looking at the banks and not letting the excess reserves for accumulating the resources over a longer time period.
The money is then borrowed which is then put to good use, with no one being allowed to borrow money if there are no major plans for doing so.
No one needs to raise the quantity of money but there are banks which works on the multiplying of money, which goes down, when it happens.
Recommendations
The project funding is suitable for them, and for this, there is a need to focus on the value management processes. It is important for them to engage the stakeholders with social contract signed by public. The indicators need to be linked to budget and costs with the supplying of product in relation to value for money. The implementer asks the beneficiary for not only meeting social contracts but also working on valuable sources with proper surveys of user and other forms of feedback too.
Conclusion
The project managers are not always the best programme managers with vice versa approach. The most significant approach includes the variation with notions in scaling and presenting itself too. The programme is for the collection of intuitive with working towards same aim too. The team has the opportunity to make use of the creativity and produce better alternatives which are effective for performing the functions. Hence, for Royal Borough of Perth and Kinross, it is important to understand the primary functions of the public sector buildings effectively. The information states that the project is for distinguishing on strategy, programmes and projects. It is about making decisions and focusing over the secured funding of project too, with proper value management in business case development.
References
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