Risk and value management Essay Example | Topics and Well Written Essays - 1000 words

Risk and value management - Essay Example Based on the primary objective of value management to develop project objectives with uttermost clarity, the process facilitates quest for background information on the project as well as the project’s needs. These initiatives facilitate an extensive development of knowledge on the project towards management competency of business knowledge. As a result, value management provides an opportunity for developing insights into a project for proper management of the strategic management stage and the entire project. Value management also creates time resource between the initiation stage of a project and the project’s implementation stage. With an outlined budget for value management’s time, an organization is able to identify and evaluate outlined objectives in a project for improvement. This therefore means that apart from the benefits of the value management, its incorporation in the project’s budget adds value to the briefing process as well as the entire p roject (Turner, p. 307). Value management also facilitates identification of client’s needs and expectations from a project. The analytical approach of the management that aims at identification of the objectives of the project particularly leads to an understanding of what the customer wants out of the project. This further facilitates development of objective and establishment of ground for customer utility at the completion of the project. Establishing customers’ needs is also important in the strategic briefing stage because the success and feasibility of a project is measured against expectations of the stakeholders. With all needs of the client identified by the value management process, the strategic briefing process develops the capacity to evaluate feasibility of the needs as well as incorporating the need into the project’s objectives. There is also an induced benefit of empowerment and development of team members in value management. The interactive approach in