Value Management in Australia

Value Management (including the associated names of Value Analysis and Value Engineering - by which it is often known in some other countries) has been used world-wide for more than fifty years.  In that time it has developed into a process that is directed towards maximising the value from a total system, that is to "provide the required function at the lowest cost, without impairing quality or reliability".

Application of Value Management is increasing Australia’s competitiveness and encouraging growth, by facilitating better decisions, including on investment.

The application of Value Management in Australia (in both the private and public sectors) created the need for a local professional organisation devoted to Value Management and its applications, so The Institute of Value Engineers, Australia was incorporated on 8th November 1977.  On 19th July 1990, so that the name would describe more accurately the broad spectrum of VM’s application and the diverse background of those who practice VM,  the professional association’s name was changed to The Institute of Value Management, Australia Incorporated.

Since the early 90s, an important impetus to increased use of Value Management in Australia has been given by State and Federal Governments, many of which now require the application of Value Management in the development and assessment of projects, products or systems.

In 1994, after development and review by a committee representing many industry groups and professional bodies, the Australian and New Zealand Standard for Value Management (AS/NZS 4183) was formally adopted.

• The Institute of Value Management, Australia