This paper presents the concept of Value Management (VM) – a creative group problem solving technique that has been in use for 50 years and is still gaining in popularity and momentum. The differences between creative problem solving and value management processes are examined. Function analysis – the element that makes VM different from other traditional problem solving methods is examined in great detail. The paper reviews the use of function analysis to define the objectives of a product, project or service. In doing so, unnecessary costs will be removed and better designs or decisions can be made. Since a VM study will capture the input of a wide range of stakeholders, including end-users of products, services and facilities, planners, designers and other decision-makers, this group problem solving technique should have a higher degree of acceptance and implementation rate. A real life case study has been used to illustrate the group dynamics and processes involved in a value management study.
- New product development
ASJC Scopus subject areas
- Strategy and Management
- Management of Technology and Innovation