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Value Management generally looks at the original or conceptual outcomes of the project to see if the outcomes of the project will be what the client actually intended. It has little to do with how that will be delivered in terms of construction processes.
VM will during it's currency define what the client and end user mean by value, understand the wider stakeholder expectations and not least assist with developing the project brief.
Value management is a management by which cost would control before contract. It is effective for total cost control in project.
