Value Management is a hot topic these days, but it’s a concept that is not easy to understand. It can be used to address the purchasing cycle — getting as much value from purchases by careful definition of minimum requirements and close attention to price. Or it can be used as a tool to evaluate the essential value proposition of a company and align expenditures and activities to maximize this core value. There are a number of European standards addressing this topic and two of them have been consolidated in the new BS EN 1325 2014 Edition. Titled “Value Management. Vocabulary. Terms and definitions,” this new document replaces both the BS EN 1325-1,”Value analysis and functional analysis,” from 1997 and the BS EN 1325-2, “Value management, value analysis, functional analysis vocabulary. Value management,” from 2004.
The new standard focuses on optimizing performance and productivity with the use of Value Management (VM). It is intended to promote a common language for use in the development of European Standards and in the discipline at large as well. Since VM is such a “soft art” there is a risk of terms being used inconsistently. This standard provides a single source so that everyone can get on the same page.
There are a number of additional EN standards on this subject. They are:
- BS EN 12973, 2000 Edition, Value management
- BS EN 16271, 2012 Edition, Value management. Functional expression of the need and functional performance specification. Requirements for expressing and validating the need to be satisfied within the process of purchasing or obtaining a product
- CWA 15896-1, 2008 Edition, Value added purchasing management. General criteria
- CWA 15896-2, 2008 Edition, Value added purchasing management. Accredited structure and process for certification bodies
- PD 6663, 2000 Edition, Guidelines to BS EN 12973. Value management. Practical guidance to its use and intent
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