Topic: How to drive cost down and balance all stakeholders' needs through Value Management
Date: Wednesday, 16 Sep 2009
Speaker: Mr. K H Fok, Hong Kong Instititue of Value Managment Facilitators "List A", who is recognized by the Government of HKSAR for value management workshops for the Public Works.
We are pleased to have KH as our speaker. KH is a highly experienced and popular VM facilitator with an astutue understanding of the cross-cultural working environment in Hong Kong, which he applies in strategic planning and strategic thinking programs, partnering, value management, risk management, organizational development workshops and public consultation programs. KH is an elite few on the Hong Kong Institute of Value Management Facilitators "List A".
The seminar is well received by over 25 participants. KH has shared with us on what is value management and the components of VM. Also, KH explains the VM through a vivid case study and inspired a lot of discussions from the floor. Throughout the 2 hours, all the participants appreciated the help of VM in their daily work.
We would like to thank KH again for his inspiring speech.
Some basic notes about VM:
Value Management (VM) is a structured, systematic and analytical process which seeks to achieve value for money. The VM Process originated at General Electric (GE) during World War II to overcome critical wartime shortages of goods and services. Larry Miles developed what he named Value Analysis based on the examination of required functions and then developing alternatives to achieve them. He became the acknowledged "father" of VM after GE adopted the process company-wide following the war.
The VM process is widely applied to management decision-making at any level of an organization and specifically applied to projects, products, systems, services or processes. In 1998, the success of VM is recognized by Hong Kong SAR Government. Works Bureau introduces its application to the Public Works Programme. Value Management Study has been adopted by the Government of HKSAR for Public Works over HK$200 million. It has been proven very successful in developing cost effective solutions, generating ideas to enhance project values, resolving issues or disputes, selecting options, etc.