The pursuit of obtaining real value for money poses major problems for organizations that need to meet increasing demands to reduce financial resources. The first problem is that assessment of value is subjective and dependent on the needs of the consumer. This problem is not new and maximizing value is rarely done successfully. Management of Value proposes a definition of value that embraces both monetary and non-monetary benefits, and argues that the subjectivity of value increases the need for it to be actively managed. It provides a method, supported by techniques for allocating scarce funds as effectively as possible.
The guidance is structured around principles, themes and processes:
- The principles are based on tried-and tested practices, and successful value management is unlikely to be achieved if these are not adopted
- The themes are continuous activities that need to be carried out to ensure the application of the principle delivers the promised value
- The set of processes define the structure of the approach and use specialist techniques to supplement the business case and provide a practical approach to getting results
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