Value management is the construction management process that provides owners with optimum construction projects at minimum costs. Value management is an extension of value engineering, value analysis, life cycle costing and constructability.

The following is an example of value management in action.

Daoust Construction, the owner and the designer train all their personnel to be on the lookout for alternative methods and concepts at any stage of the project. Suggestions are actively encouraged. Daoust Construction documents and investigates initial feasibility and prepares estimates and a presentation for feasible suggestions.

The designer then decides on the suitability of feasible suggestions and determines whether a suggestion is superior to the original concept. Together with an analysis of effects on the schedule, all suggestions that are deemed technically feasible by the designer and that result in cost savings are submitted to the owner for final approval.