VM and the Management of Value

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VM and the Management of Value

 

Term Paper

 

Projects are becoming more complex and require the coordination of greater numbers of specialist sub-contracts. What is more, technological systems are growing in their complexity – pushing project teams to quickly engineer solutions, rather than truly examining functions. This lack of interrogation of project and functional requirements can lead to the failure of assets, with some not fit for their intended purpose or built to an incorrect functional specification and scope. 

 

You are asked to consider how Value Management (VM) could have been applied to a specific case study to overcome its operational failure. As such, you must select a specific failure case and hypothetically describe how VM could have been used. In answering this question, you must combine the following:

1.     A clear and well explained description of the functional failure of a specific case study. This case study can be from the construction sector or further afield. You should select a case that is in the public domain and which provides you with some evidence of functional failure.  

2.     Next, you must describe how VM approaches and tools could have hypothetically overcome failure. In so doing you should cite literature and provide a clear rationale for why you think your selected approach would have benefited the case in question.  

3.     Finally, provide recommendations on how VM could be advanced as an approach to preventing, assessing and mitigating functional failure. In so doing you should try to draw out some innovative way of doing or thinking about VM.  

 

3000 words