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The main purpose of the value breakdown structure is to prioritize components and work by the value they are expected to add, and to ensure that the value of the project investment is not reduced by the inclusion of work which has a value-added that is less than its true cost, which is the sum of its resource costs and its drag cost.
In the US, the Construction Management Association of America (CMAA) states the most common responsibilities of a Construction Manager fall into the following 7 categories: Project Management Planning, Cost Management, Time Management, Quality Management, Contract Administration, Safety Management, and CM Professional Practice. CM professional ...
Value engineering can lead to the substitution of lower-cost materials, as with the exterior cladding that accelerated the Grenfell Tower fire in London. [1] [2]Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality.
This is an accepted version of this page This is the latest accepted revision, reviewed on 9 January 2025. Process of building or assembling a building or infrastructure For other uses, see Construction (disambiguation). "Construction site" redirects here. Not to be confused with Construction Site (TV series). Construction site and equipment prepared for start of work in Cologne, Germany (2017 ...
Value added is a term in financial economics for calculating the difference between market value of a product or service, and the sum value of its constituents. It is relatively expressed to the supply-demand curve for specific units of sale. [ 1 ]
Amur GCC will be launched in synch with the gradual ramp-up of Gazprom's Amur Gas Processing Plant [55] to its full capacity, so that the latter could supply ethane and LPG to Amur GCC for processing into high value-added products. Sinopec got 40% in this project. [56]
The term is used in supply chain management, and WIP is a key input for calculating inventory on a company's balance sheet. In lean thinking, inappropriate processing or excessive processing of goods or work in process, "doing more than is necessary", is seen as one of the seven wastes (Japanese term: muda) which do not add value to a product.
Project Management Using Earned Value. Humphreys and Associates. ISBN 0-9708614-0-0; Philipson, Erik and Sven Antvik (2009). Earned Value Management – an introduction. Philipson Biz. ISBN 978-91-977394-5-0; Project Management Institute (2005). Practice Standard for Earned Value Management. Project Management Institute. ISBN 1-930699-42-5