Value management is a methodical team strategy for analyzing the functions of a project, process, product, system, or service, determining their worth, and offering those functions at the lowest overall cost without compromising quality. Value management allows getting more done with less and speeds up the consensus decision-making process that is required to turn changes into valuable business possibilities. As well as value analysis also displays effective resource stewardship and a cost-cutting initiative to top management and investors. Facility managers are responsible for developing plans that enhance value while minimizing cost. Using the value management procedure to examine operations and program initiatives, facility managers may deliver better change to their organizations while also generating significant savings. AS well as facilities value management examines how facilities management adds value to an organization and believes that if facilities are tuned in, they may assist in meeting business objectives. The conclusion is that facilities can only be handled efficiently if they are viewed as an important element of the business. Organizations are seeking actively methods to survive and compete in our more resource-constrained global business environment, which has reignited interest in value engineering. Hence Facilities management should think about making value engineering a core competency and standard practice in their companies.

Reference : 

https://silo.pub/facilities-management-theory-and-practice.html