CEN 12973:2000 Definition:

Value Management is a style of management, particularly dedicated to mobilise people, develop skills and promote synergies and innovation, with the aim of maximising the overall performance of an organisation. Applied at the corporate level, VM relies on a value based organisational culture taking into account value for stakeholders and customers. At the operational level (project orientated activities), it implies in addition the use of appropriate methods and tools.

Managing Value

"Value is not an absolute measure; it is a trade-off between parameters, which may vary for each individual or organisation."

PD 6663:2000 Guide to VM Standard

Value α Satisfaction of Needs
                  Resources Used

Stakeholders [...] may all hold differing views of what represents value. The aim of VM is to reconcile these differences and enable an organisation to achieve the greatest progress towards its stated goals with the use of minimum resources.
CEN 12973:2000 VM Standard

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