ii) Identify and critically appraise the issues surrounding the separation of risk,

value, change and knowledge management disciplines where the key objective is
the maximization of value for money.
Use examples that you are familiar with and for the type of projects for which the
firm is responsible.

The value management should not be confused with the cost cutting method.
Value management is to deliver the project within the budgeted and minimum cost
with its best quality and to the maximum quality possible in its minimum time / cost
budgeted. It further can be described to use the least resources for the maximum
output and standards.
Management of value since related to the cost and time hence all the separate
branches in a construction industry relating to cost / time in the project is to jointly
managed and a comprehensive working is to be followed for an actual increased
value for the investments.
i

Proposes a definition of value that embraces both monetary and non-monetary

benefits
Provides a method, supported by techniques for allocating funds as effectively as
possibleii
Allows you to increase the value you deliver and make better use of resources
Highlights the best way to respond to both external and internal influences
Management of Risks: Among the most important part nowadays has become
transfer of risk or indemnification against any future damages and delays. An
effective risk management practice can really help in the case of emergencies and
sudden natural losses.
Fire Insurances: under these insurances, any loss or damages done due to fire
can be easily compensated plus all the rectification cost on a minimal cost impact
for premium. Any organization which is working without any fire safety and
insurances can suffer a huge lost plus the cost of rebuilding of rectifying the
damages. This method certainly gives an addition to you Value of the money and
time involved.
All risks Insurance: it is wiser to have this insurance including the complete
replacement cost of the product, which shall not only covers you actual damages
but will pay you the complete replacement and shifting of debris cost.
Secondly rather than going for an many separate insurances for cement , bricks ,
Glass, steel etc , it is recommended to go for the product based insurances which

will be delivered and produced through all the material jointly. This will cover the
labor cost expenses plus other overheads. Huge increment to the value would
result and To get this insurance a less amount is required for the valuation
services by professional Valuer Registrated through governing bodies and the
cost will decided per the market rate and future hike & escalation for Sum insured.

Change management: the issues in the separation from value management

would be that without the correct the correct management , omission and deletion
cannot be controlled in the event of any variations and deviation in the
specifications, design and construction methodology .

Without records there may be a chances of changing an item for a third time which
has already been changed on any special recommendation from the end customer.
Thus only the agreed product would be at stake plus the cost of redoing will be
anextra burden in ncreasing the value .
Parituclatly value woulde be the divison of the product

any loss or risk encountered can be calculated , recorded through ERMenterprise

risk management and can be referred to any time along with the cost impact. This
shall increase the value
All risks policy. This policy can

i https://www.axelos.com/Corporate/media/Files/Brochures/Benefits-of-MoV.pdf
ii https://www.axelos.com/Corporate/media/Files/Brochures/Benefits-of-MoV.pdf