Value Innovation: An Innovative Technique for Management of Engineering Projects

ABSTRACT Almost all the engineering projects are cost intensive. Their investment cost is enormous and once they are commissioned, they need a meticulous management for their smooth running which eventually calls for substantial costs throughout their life. For any country, savings of cost or worth of it in the Running, Maintenance and Operations (RMO) of huge engineering projects are of immense importance. This can be achieved only through the best management efforts. Various techniques of management of huge engineering projects are in vogue. This paper attempts to throw light on a recent management technique ? Value Innovation, which needs a committed, systematic and wholehearted effort by all the stake-holders of the project. This paper discusses thoroughly the technique and process of Value Innovation (VI). At the end of the paper an annexure demonstrating the Value Innovation Work Book is also given.