Value Management Standards

The Standard BS EN12973:2020 represents a consensus of views and provides a benchmark of good practice.

The Standard BS EN12973

It is designed to provide flexibility and can be applied in a very wide range of circumstances. It captures the essence of Value Management and provides a framework for its application. It describes Value Management approaches, principles, drivers (levers) and a range of methods and tools and encourages the selection of the most appropriate methods and tools to achieve the desired outcome.

The Standard primarily addresses the needs of the following individuals or groups:
  • A person aiming to achieve, deliver or improve sustainable performance
  • Executive leaders and authorities seeking to enhance value within their organisations and for their customers, users and other stakeholders.
  • Managers and people, at all levels, involved in its application.
  • Those involved in Value Management training deployment and development.

The document progresses from an introduction outlining the benefits for management, through the underlying concepts to their application. It ends with a discussion of some of the techniques which may be useful.

Requirements and guidance on functional expression of the need and functional performance specification are set out in BS EN16271.

The Standard BS EN16271 states the conditions for successful implementation of Functional Need Analysis, Functional Need Expression and Functional Performance Specification. It extends the generic standard on Value Management, BS EN12973.

The Standard BS EN1325 defines terms for Value Management, to develop a consistent and common language for use in optimising performance and productivity for organizations, projects, products, and services.

A summary of the new standard can be found at https://lnkd.in/exTdhpZ

The new standard is available to purchase from the BSI Group: https://shop.bsigroup.com/SearchResults/?q=BS%20EN%2012973:2020

The Standard BS EN12973:2020 represents a consensus of views and provides a benchmark of good practice.