Value Management (Vm) "Uses a Unique Combination Term Paper

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Value Management (VM) "uses a unique combination of concepts and methods to create sustainable value for both organisations and their stakeholders" (IVM, 2014). A number of these techniques were instrumental in the success of the Open University library project. An early success was found with an excursion, specifically the river cruise on the Thames. While initially there was a lot of mistrust among the different stakeholders, who each had their own objectives, the river cruise proved to be effective in bringing the team members together. Such excursions are often important to give people a chance to socialize on to discuss their common interests in the project. Ultimately, the cruise was the turning point that set the project back on the right path.

Another technique that was instrumental was issue generation and analysis. This technique allows the different stakeholders to get their issues onto the table.

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Each stakeholder therefore has a voice, and more importantly they are able to express that voice without fear of conflict. By getting all of the issues identified, the project can be designed better right from the start, something that was able to happen in this case. This could not have happened without effective stakeholder analysis, which encourages the identification of all of the critical stakeholders. Getting all of the key stakeholders on board with the process was considered to be one of the most important elements in delivering this project on time and under budget.

One of the biggest problems in the Open University Library was the apparent mismatch between the resources available for the project and the expectations that the different stakeholders had for the project. This was overcome with workshops, where a brainstorming process took place that allowed for different,….....

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