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My APC - final > VE/VM > Flashcards

VE/VM Flashcards

1
Q

What is a value?

A

Value is the ratio between benefit (outputs) and the cost or effort (inputs) required to achieve it.

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2
Q

What is Earned Value Management?

A

EVM is a technique used in PM to measure the progress of a project in a defined and objective manner and assess whether recourses are being used efficiently. This is done by comparing:

  • the planned value for work over the time
  • the earned value of work completed
  • the actual cost of cost completed.
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3
Q

What are the main challenges in VM and VE?

A
  • to understand a range of impacts that any particular decision may have including their financial impact
  • find a balance between requirements of different stakeholders
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4
Q

What is VE?

A

Value engineering is consideration of alternative materials, design and methods of construction to achieve the same outcome

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5
Q

What is VM?

A

Value management is a process how to achieve value for a project by developing a right project brief and processes, normally at early stages of the project.

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6
Q

What are the benefits of VE and VM?

A
  • elimination of unnecessary cost
  • better vfm
  • increased efficiency
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7
Q

Please provide examples of VE

A
  • lockers at GMH
  • maximise office space by improving IT system, hot desking and flexible ways of working to reduce the overall office space
  • specification of LED lamps may reduce the frequency and cost
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8
Q

What are the differences between VM and VE?

A

VM – multidisciplinary approach at strategic level – How? What is the bet route?

VE – problem solving at more detailed level; more technical analysis are involved

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9
Q

What are other activities that are linked to VM and VE?

A
  1. Risk management
  2. Life cycle costing
  3. Configuration management
  4. Lean construction
  5. BIM
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10
Q

What is Life cycle costing?

A

LLC is technique for assessing the long term financial impacts of alternative technical design in order to choose the best alternative solution

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11
Q

What is configuration management?

A

Configuration management is a process od dividing a design so there is a max opportunity to select alternative suppliers of particular equipment,

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12
Q

What is lean construction?

A

Lean construction is technique for identifying and removing unnecessary steps from a construction activity to reduce cost and improve quality

  • can apply to design, installation , manufacturing and management
  • can be big or small e.g. improvement to approval of suppliers invoices.
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13
Q

How to carry out VM and VE?

A
  1. Understanding the problem
  2. Identity different solutions
  3. Evaluate different solutions
  4. Develop shortlisted solution in more details
  5. Identify the best solution and make recommendation
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14
Q

How/when can you discuss the potential VE options?

A
  • During VE workshops
  • VE study
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15
Q

What is RACI matrix?

A

A responsibility assignment matrix, also known as RACI matrix describes the participation by various roles in completing tasks or deliverables for a project or business process.

  • Responsible
  • Accountable
  • Consulted
  • Informed
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16
Q

How can you identify what does and what does not add value?

A
  • Functional analysis to understand functionality of the project which can be compared with alternative cost proposed – done by breaking done the primary functions of a project into hierarchy
  • prioritising and weighting alternative options
17
Q

What resources are needed to carry out the VE/VM?

A
  • time
  • background details
  • skills and knowledge
  • facilities -workshop venue, access to experts
18
Q

What is included in VE recommendation/report?

A
  • Introduction and context
  • required outcomes and value criteria
  • alternatives solutions considered
  • value assessment of alternatives
  • conclusions and recommendations
  • appendices
19
Q

What are the potential problems when carrying out VE and VM?

A
  • Not enough time
  • lack of precisions
  • Not staring early enough
  • Not include appropriate stakeholders
  • Revising previous decision
20
Q

What are VM/VE workshops techniques?

A
  1. Generating ideas through brainstorming, reversals, role storming
  2. Clarifying and grouping ideas
  3. Prioritising ideas.
21
Q

Is there any RICs guidance on VM/VE?

A

Yes, the RICS professional standards and guidance, Value management and value engineering

My APC - final (22 decks)

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