Project Value Management (Unit 28|29)

An APC Candidates Guide.

Unit 28|29 – Project Value Management focuses on how quantity surveying professionals can contribute to achieving the best value design solutions while considering the client's project objectives. It involves actively seeking to optimize the project's cost, time, and quality throughout its lifecycle.

This unit emphasizes the use of life cycle cost analysis techniques and active participation in collaborative workgroup sessions.

Here’s a summary of the key elements within this competency unit:

Identifying Project Objectives:

This initial step involves clearly defining the project's scope and lifecycle, as well as the client's specific targets for cost, quality, and time. It also includes understanding the client's objectives for risk allocation.

Preparing Cost Plans and Breakdown Costs:

Quantity surveying professionals utilize cost planning techniques to establish the total project cost. They also break down these costs into detailed components to facilitate the value management process and establish end costs for major components.

Conducting Life Cycle Cost Analysis of Alternatives:

This involves identifying alternative solutions for various project components and conducting a thorough life cycle cost analysis for each alternative. It also includes effectively communicating the costing and results to the client and other team members.

Instigating Value Management Focus Sessions:

This highlights the proactive role of quantity surveying professionals in participating in value management focus sessions and proposing costed alternatives.

Adopting Value Management Session Outcomes:

This final stage involves consolidating the selected alternatives and determining the resulting adjustments to the project's cost, time, and quality. It also includes monitoring the design development and documentation to ensure they align with the adopted outcomes.

In essence, Unit 28|29 underscores the role of quantity surveying professionals in proactively driving value in projects. This is achieved through a structured approach that includes understanding project goals, detailed cost analysis, exploring alternatives using a life cycle perspective, collaborating in value management processes, and ensuring the implementation of agreed-upon value-enhancing outcomes.

Q & A

Here's a Q&A related to the Project Value Management competency, covering the key elements and performance criteria:

Q: What is the core objective of Project Value Management for infrastructure quantity surveying professionals?

A: The core objective of Project Value Management is to identify the best value design solutions while keeping the client's project goals in mind.

Q: What are the initial steps a quantity surveying professional takes when applying Project Value Management?

A: The initial steps include identifying project objectives, which involves clearly defining the scope of work, life cycle, and the client’s targets for cost, quality, and time, as well as understanding the risk allocation objectives.

Q: What is the significance of Life Cycle Cost Analysis in Project Value Management?

A: Life Cycle Cost Analysis is a crucial technique used to evaluate alternative solutions for project components by considering the total cost of ownership over the asset’s entire life. This analysis aids in making informed decisions that provide the best long-term value.

Q: How does a quantity surveying professional foster collaboration in Project Value Management?

A: Quantity surveying professionals initiate value management focus sessions and actively participate in them, suggesting alternatives along with their associated costs.

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Disclaimer: This information is for general knowledge purposes only and should not be considered legal advice. It is essential to consult with a qualified legal professional for any legal matters or concerns.