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 and its activities.

Apply Function Thinking

The methods and tools associated with it, encourages innovation in developing, defining and delivering new and existing products, projects, processes and services in any business sector and and how they both generate benefit for customers, users and other stakeholders and drive out unnecessary capital or other resources. By identifying the function or purpose of a component or product or project or its constituent parts, one is able to secure design, procurement, delivery, cost, environmental and social improvements due to being unfettered by the way that function had been met in the past, without compromising quality or performance.

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, project, process, service 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 in its activities. This forms part of value orientation and culture, for example, what might the organisation be prepared to pay in economic, environmental and social terms 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 quality, performance and resource consumption.