The Four Key Principles of Value Management in BS EN12973:2020
Value Management is founded on the concept of value and on function-orientated thinking, see BS EN12973:2020
Strengthen Value orientation
Value orientation is the way an organisation aligns value culture to its goals by developing and sharing a common vision, mission and values. An effective value orientation requires that everyone in an organisation understands what drives value for the organisation.
Apply Function Thinking
The methods and tools associated with it, encourages new ways of seeing and understanding established products, processes and services, and how they both generate benefit for customers, users and other stakeholders and drive out unnecessary costs. By identifying the function or purpose of a component or product one is able to secure radical design and cost improvements due to being unfettered by the way that function had been met in the past, without compromising quality.
Apply a Structured Holistic Approach
An effective structured holistic approach is achieved when an organisation's Value Management approach is integrated with and complementary to management systems which exist within the organisation and is developed to suit the level and nature of the product or situation under consideration or being studied.
Manage Complexity, Risk and Uncertainty
Successful organisations manage complexity, risk and uncertainty effectively. Complexity, risk and uncertainty are particularly influential when making strategic choice for an organisation. This forms part of value orientation and culture, for example, what might the organisation be prepared to pay to manage that level of complexity, risk and uncertainty? Effective management of uncertainty, risk and complexity requires that an organisation considers the effects of these influences on both performance and resource consumption.