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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.
The project is structured and managed as a value generating process (value is defined as satisfying customer requirements); [19] while PMI considers less cost as value. In the lean approach, downstream stakeholders are involved in front end planning and design through cross functional teams (Ballard, LPDS, 2000).
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 ...
The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...
It was developed as a guide for managers of manufacturing plants on how to combine lean manufacturing and Six Sigma to improve quality and cycle time in the plant. [5] In the early 2000s Six Sigma principles expanded into other sectors of the economy, such as healthcare, finance, and supply chains. [citation needed]
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.
Project engineers are often project managers with qualifications in engineering or construction management. Other titles include field engineer, construction engineer, or construction project engineer. In smaller projects, this person may also be responsible for contracts and will be called an assistant project manager.
Construction agencies such as the Federal Highway Administration have used configuration management for their infrastructure projects. [32] There are construction-based configuration management tools that aim to document change orders and RFIs in order to ensure a project stays on schedule and on budget.