Differences among VE, VM & VA

• Value management differs from value Engineering (VE), in that whilst VE is concerned with achieving defined functions at minimum cost (or whole life cost), VM is concerned with defining what value actually means within a particular context, agreeing a clear statement of objectives and ensuring that solutions are consistent with those objectives. 
• Where VM addresses the WHY question such as what is the need for this project or process, VE is concerned with HOW. 
• VM is not a single method, but a framework within which proven methods are systematically brought together to identify better value from projects, products and services. In this context, VE is regarded as a sub set of VM. The basic methodolofy for a VM and VE study are similar. 
• VM is about getting the right project, whilst VE is done to get the project right. 
• Value Engineering and Value Analysis are used almost interchangeably. 
• it distinguishes between the terms by savyuing that VE is soemtimes used where the process is applied to a new product being developed, wheresas the term Value-Analysis (VA) is used exisitng process or product. 
• To avoid confusion some practitioners just use te term Value management to cover all applications but a simple illustration of the application of VM, VE and VA to a project might be : 
• Value management - decision to invest- do we need a project, projec concept and scope - what form of project de we need; outline design - what should be the major elements ? 
• Value Engineering - project design; design of project elements 
• Value Analaysis - improvement of a construction, manufacturing or amangement process; post project review.