Creating the Value Toolkit

Making the shift away from project decision making based on cost or how long it took towards a methodology based on value was a daunting challenge, and a complex one. The need to deliver more efficiency, and maximise the impact of a given project’s available budget was clear, but the question remained- how do you define value, beyond the bottom line on a spreadsheet? 

The answer was the development of the Value Toolkit. The work of the Hub has allowed us to develop a detailed framework and Toolkit to guide the built environment and construction sector away from decision making with a focus on budgetary concerns and towards a more holistic view of value, as described in the Value Definition Framework. 

This framework allows those using it to develop an understanding of what value really is in the context of a project and, by using this in concert with the Value Toolkit, we can come to better procurement decisions.  

One key learning point is the need to define and embed value in the foundations of a programme, which is why the Value Toolkit gives a clear view of what the fundamental needs of the project are. There is also a need to challenge the idea that value-based procurement costs more. By scoping out the needs of the project at the outset with the Toolkit, we ensure that stakeholders are maximising the impact and efficiency of the budget available to them. 

We have also developed an understanding of how the Value Toolkit adheres to procurement regulations and refined the mechanics of evaluating price against value.  

As this phase of the Hub draws to a close, I look forward to seeing the work we have begun on value-based decision making continue as the built environment and construction sector looks for answers to the challenges of tomorrow, today.