City of Calgary Value Management Standard
The presentation will describe how this updated standard defines Value Management. It gives definitions, it explains the VM approach, it sets its principles such as function thinking and a structured holistic approach, it discusses complexity, risk and uncertainty. The standard also presents what are value drivers and what are the requirements for successful Value Management such as involvement of customers, behavior and monitoring.
The standard discusses VM at top management level. It speaks about value culture and strategy as well as how it can contribute to portfolios, programs and innovation.
It also presents VM at operational level and how the method can be used for scoping, conceptualization, optimization and redesign.
The standard then proceeds to explain how to develop VM capability, with training, development of culture, Value team leaders and a supporting structure.
The final chapter of the standard shows various methods used: Value analysis and engineering, Function Analysis, Function Cost, The Functional Performance Specification, and Design to Cost.
The presentation will be a summary of the content of the 71-page standard, available through the European Committee for Standardization.