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Mr Terry MONK

Terry is an experienced change management consultant who has worked in the UK and Asia, with organisations from the Oil, Construction, Transportation, Utilities and Finance sectors. He has delivered a wide range of training events, and has worked as a facilitator with organizational leaders and teams in support of their change initiatives. He has presented at a number of conferences, in the UK and internationally, most recently at the 7th International Risk Management Conference 2004, London.

He believes that maximising value and minimising risk on projects, comes through a greater commitment toward cooperation between individuals and teams, using robust processes. Successful collaboration, to reduce the uncertainties inherent in project working, depends on all parties having the knowledge and skills to act with increased emotional intelligence, and together improve the quality of working relationships based on trust. This applies both internally within organization, and externally with supply chain partners.

Managing Uncertainty - Trust and Commitment Required! (Full Paper)

Value management and risk management are well defined techniques utilised by project managers and included within a range of leading standards. Value and Risk management combined as Uncertainty Management is a process that delivers considerable benefit for project teams in terms of communication, delivery effectiveness, commitment and trust and is therefore growing in popularity. Can you afford not to develop trust and commitment or ignore your uncertainties?

Even before the implementation of Uncertainty Management procedures it was known that both Risk and Value Management systems worked more effectively when the relationships between teams and individual team members was based on trust, but there is perhaps little understanding or confidence in how this can be achieved. In order for both threats (risks) and opportunities (value improvements) to be managed effectively it is important that the two processes are combined in an effective manner and efficient manner.

This paper and its associated presentation identify the real changes required within the team to ensure that this is achieved as well as outlining the benefits that can be developed within the team from a successful uncertainty management system.

In doing this the paper will also discuss the cultural changes that should be achieved and develop a range of proven tools for managing project uncertainties; thereby increasing the likely delivery of the project completion within the quality, cost and time parameters

Mr Michael DALLAS

Michael Dallas is the partner at Davis Langdon LLP (the UK member of of Davis Langdon Seah International) responsible for Value and Risk Management to assist in delivering the firm’s Mission “to add value and reduce risk for our clients”. He is a founder member and past chairman of the UK’s Institute of Value Management (IVM). Michael chaired the working group who developed BS EN 12973:2000, the European Standard in Value Management and the guidelines to its use and implementation. He was instrumental in developing the IVM’s Training and Certification System. Michael has, for many years, applied innovative Value and Risk Management to a wide variety of construction related projects at all stages in their life cycle. He is the author of numerous papers and a regular speaker at professional events. His new book, “Value and Risk Management –a guide to best practice”, carries the endorsement of many of the main construction related Professional Institutions in UK and will be published by Blackwell’s in the autumn of 2005.

Twin Drivers for Success - Value and Risk (Full Paper)

" Nothing ventured, nothing gained. Maximising value requires that risks are taken. The greatest risk to project success is that it fails to deliver the expected benefits.

Success requires clarity of vision, articulated unambiguously to the project delivery team, followed by the ability to maximise and deliver the benefits. Value management provides the means to do this.?

Occurrence of Risk destroys value. Therefore the ability to control the risks that are taken to maximise value is essential. Risk Management provides the means to do this.?
Thus, taken together, Value and Risk Management provide the means to define and deliver value and control risk. They complement each other. They should never be separated.


Paul is an innovations consultant and director of small but thriving innovations consultancy, called The Insight Centre (www.insightcentre.com). Our company s aim is to deliver breakthrough innovation and change, through our group s extensive experience with tools and processes such as: TRIZ & creativity development, disruptive innovation audits, creation & mitigation, and project & change management. We have experience across Europe and are looking to open an office in Hong Kong this year.

Paul s background is as a scientist come engineer, who became interested in change management through an MBA. At present he is also course leader for MSc s in networks and communications engineering, at the University of Plymouth. Here he also teaches personal, professional and research skills to all engineering postgraduate students, and teaches and mentors entrepreneurship skills for staff, students and the community.

Why Reinvent The Wheel? The Efficacy of Systematic Problem Solving Method TRIZ and its Value for Innovation in Engineering and its Implications for Engineering Management (Full Paper)

The Efficacy of Systematic Problem Solving Method TRIZ and its Value for Innovation in Engineering and its Implications for Engineering Management

The engineering industry needs to be more innovative. A case study of a recent breakthrough innovative development by Michelin is discussed. The influence of prior training with systematic problem solving method TRIZ, on the innovation team, is assessed using a questionnaire. The questionnaire is based on a company innovation audit model proposed by Mann and influenced by the creativity model of Baille. Results are discussed which show significant innovation development when using TRIZ. The efficacy of training key workers in systematic problem solving and creative methods is discussed and the implications for managers in innovation promotion and workplace environment change are highlighted.

Prof Martin SKITMORE

Martin Skitmore holds a chair in Construction Management and Economics at the Queensland University of Technology. His research interests are mainly in construction contract pricing and economic modelling although he is also involved in a diverse range of research in project management. He is CoEditor-in-Chief of the Journal of Construction Innovation (formerly the International Journal of Construction Information Technology) and has published many journal and conference papers as well as several books.

Value Management in Practice: An Interview Survey (Full Paper)

The results of an interview survey are provided involving 17 professionals working in the property and construction industry, mainly from Australia, concerning their actual experiences and observations of the Value Management (VM) process and outcomes. The main finding is that VM is popular among those with experience in its use, with an average 33% acceptance of the VM workshop - its use having extended even into the area of consultant selection. Much of the interviewees’experiences are related qualitatively in terms of VM contribution to the identification and management of the risks involved in project delivery.

Mr Darrell MANN

Darrell Mann is CEO of Systematic Innovation Ltd, a consulting firm specializing in helping organizations to generate and protect effective solutions to difficult problems. He is an engineer by background, having spent 15 years working at Rolls-Royce in various long-term R&D related positions, and ultimately becoming responsible for the company’s long term future engine strategy. In 1998 he started teaching TRIZ and related methods to both technical and business audiences, and to date has given courses to over 2000 delegates across a broad spectrum of industries and disciplines. He continues to actively use, teach and research systematic innovation techniques and is author of the book series ‘Hands-On Systematic Innovation’–currently in its 4th reprinting. With over 200 papers, patents and patent applications to his name, he is now one of the most widely published TRIZ specialists in the world. He consults regularly with blue-chip companies around the world, and is founding President of the European TRIZ Association.

Someone, Somewhere really did already Invent the Wheel you're about to Re-Invent (Full Paper)

Imagine the biggest study of human creativity ever conducted. Picture the systematic study of close to three million of the world’s most successful patents, discoveries and business concept innovations. Picture, then, the construction of a problem solving method which then combines those solutions into a whole that strips away all boundaries between different industries and allows users to readily access the best practices of others. Now imagine that it exists. What you’re seeing is TRIZ. The reason you may not have heard of it before, is that it was devised and developed in the former Soviet Union, and practically no one outside the Eastern Bloc had heard of it before the fall of the Berlin Wall. In this paper, we examine an evolved version of TRIZ and explore how it is helping users to systematically and reliably create breakthrough solutions to problems of all descriptions, without the re-inventing the wheel. A final section of the paper provides a pair of short case study examples to demonstrate the high probability that someone, somewhere has already solved your problem.


  • M.S. from University of Tehran in the field of Construction Engineering & Management, 2002
  • B.Sc. in Civil Engineering from Sharif University of Technology, 2000
  • Reseaching on applying VE in Iran and using it as a tool in project management.
  • Publishing of "An introduction to Value Engineering" book (pesian) H Beiraghi, Y Gholipoor.
  • Teaching of Construction Management coarse approaching to VE at Azad University of Semnan Iran.
  • Activity in the Iranian Value Engineering Society.
  • Membership in Iranian Construction Society.

Pathology and Analyzing of A VE Study in A Dam Project (Full Paper)

During some VE workshops that have been performed in IRAN it has been seemed that instead of identifying functions, the activities have been recognized and used in FAST diagrams. In the other hand, these studies have gotten extreme savings. This paper summarizes one of those studies in dam projects, analyzes the causes of the results and demonstrates that VE has various aspects which can improve project value. Some of those is the experience of the team members and their good information of various methods and tools of design and construction and also the flow of information and synergy of team work. This paper suggests using of previously prepared tables that contain types of dams and their components and their functions which can be utilized during VE study. Preparing similar tables for any field can be useful for saving the time of VE workshops, specially in countries which are fresh in VE study.

Dr I-Tung YANG

I-Tung Yang is currently an Assistant Professor in the Department of Civil Engineering at Tamkang University, Taiwan. He was awarded a PhD degree (Construction Engineering and Management) at the University of Michigan, Ann Arbor in 2002. He has participated in several construction projects (e.g., airport expansion and highway rehabilitation), within which concepts of value management have been successfully embedded. His current research interest is focused on quantitative methods in value management. Other areas of his expertise include project management, computer simulation, and stochastic optimization.

Managing Cost Estimation Risks During Planning Stage (Full Paper)

Monte Carlo methods have been used extensively to evaluate the risks associated with cost estimation, which serves as a foundation for effective value management (VM). The present study improves existing Monte Carlo methods to further incorporate correlations between cost elements in the process of estimation. The methodology being considered is the Gaussian copula in the field of multivatiate random variate generation. The proposed method is applied to practical datasets to indicate that the impact of correlations is significant and may cause serious problems if neglected. The result is also used to validate that the proposed method can capture the correlations with relatively minor deviations. The improved accuracy helps VM facilitators assess risks better and thus contributes to enhance the competitiveness of the organization.


Eric Spain s first career was in broadcasting in the UK and Ireland. He then lived in Uganda and Singapore for a time and, eventually, settled in Hong Kong in 1973 when he joined the Telecommunications division of the Post Office. He then spent the next 17 years in various government departments on project design and implementation work. His last post was head of Police Communications. In 1992, started his own consultancy company.
He has a wide range of interests including music, jazz, art, cinema, alternative medicine including Traditional Chinese Medicine, broadcasting in society, man in his environment, processes of creative thinking and, from recent experience, 'questions of governance'.
He is a Fellow of the Hong Kong Institution of Engineers and of the Institution of Electrical Engineers and a member of the HK Value Management Association and of Project Chambers.

The Value Space (Full Paper)

The author feels that the common perception of 'VM' is a 'value for money game' at a late stage in a project often used as a placebo to suggest fiscal diligence.

However, there is a spectrum of 'Value' ranging from direct measurement through to the completely subjective. With a two dimensional cost-benefit plane for each, it defines a three dimensional "Value Space".

The process of 'designing' is essentially one of continuous learning and decision making. The designer is immersed in the Value Space and makes 'value decisions' from the very start. If these decisions are based upon his own view of the world, or a limited selection of 'experts', the result will be sub-optimal and frequently a failure.

Processes such as 'Value Management' need to be used throughout the project to ensure that all areas of the 'Value Space', containing the views of stakeholders, are 'mined' throughout.
Notably in a professed democracy, the requirement to respect and study these values held in the community predicates the need for a skill-set that is rare in government administrations.

The paper was evoked by the author's experience in helping to stop a project that would have despoiled a beautiful and ecologically unique part of China.


David Baguley is the Principal Consultant for Advanced Value Management Systems, a consulting business delivering best practice facilitation in value management, risk management and decision analysis. He is one of the most experienced value management study facilitators in Australia with a broad range of public sector and private clients gained over more than 15 years.

David is a Registered Facilitator and Fellow of the Institute of Value Management, Australia. He is the Institute's immediate past National President and has played a leading role in the promotion of Value Management as a professional service in Australia. His Innovative Value Management training course, which is accredited by the Institute of Value Management Australia, integrates de Bono creative thinking skills into the VM process.
He has also been working closely with an innovative software developer, IdeaFocus to capture group facilitation processes in a series of tools within their meeting management software. David has been pilot testing the software on all his risk management and value management workshops and has refined the product to deliver demonstrable productivity gains for both facilitator and client.

A Universal Model for Promoting Value Management (Full Paper)

Value Analysis, Value Engineering, Value Management, Hard VM, Soft VM –what exactly is this process? Explaining to the uninitiated is not always easy and can lead to confusion at best. Even those who participate in a successful value management workshop walk away with an impression that the process has been defined by what they have just experienced. Another day, another focus and another facilitator is likely to mean the process is somewhat different.

Defining Value Management so that it can be packaged and promoted as a superior problem solving process may be difficult, especially in competition with reproducible ‘flavour of the month’management techniques such as TQM, Six Sigma, MBO, and similar sounding VAM or ‘Overhead Value Management’. But Value Management has continued to deliver results in an ever-increasing range of applications for more than 60 years whereas many of these other techniques burst onto the scene, flourish for a while then become subjects of academic interest only.

This paper aligns the value management process with the revised Australian Standard, due for release in mid 2005. It develops a simple model of the VM process that it can be promoted and marketed to a range of potential users.