Value management and value engineering
Published January 2017
Effective from 1 May 2017
Reissued September 2024
This 1st edition practice information introduces the concepts of value management and value engineering as they relate to construction projects and to the role of chartered surveyors, who have a key role to play in helping manage value across the project.
Value management and value engineering are both concerned with increasing the ratio between benefit (outputs) and the cost or effort (inputs) required, but are often separated in terms of their timing and their scale. But value is also a relative concept, and one of the roles of project management, supply chain procurement and overall procurement is to manage these imbalances so that the project as a whole provides value to the client.
This is part of RICS' Black Book, which is a collection of technical practice documents that covers all processes throughout the construction project life cycle. The documents are essential development tools for junior professionals working through their APC and useful guides to best practice for more experienced professionals.
A project is currently underway to review and update the Black Book content with the aim of producing a comprehensive new edition. Expected to publish in 2025, the new Black Book will comprise an overarching global professional standard, accompanied by practical guidance material.
This document was reissued in September 2024 as practice information. It had previously been published in January 2017 as a guidance note. No material changes have been made to the document.