BS EN 12973:2020

Overview

BS EN 12973:2020 provides a comprehensive framework for value management, which is essential for organisations aiming to enhance their decision-making processes and optimise resource allocation. This standard outlines the principles, processes, and techniques necessary for effective value management, ensuring that organisations can deliver maximum value through their projects and services.

Key Requirements

The standard establishes a set of requirements that organisations must adhere to in order to implement value management effectively. These include:

• Value Management Principles: Understanding the core principles of value management, including stakeholder engagement, value identification, and value optimisation.
• Value Management Process: A structured approach that includes phases such as preparation, analysis, evaluation, and implementation.
• Documentation and Reporting: Maintaining comprehensive records of value management activities to ensure transparency and facilitate continuous improvement.
• Stakeholder Involvement: Engaging relevant stakeholders throughout the value management process to ensure their needs and expectations are met.

Implementation Benefits

Implementing BS EN 12973:2020 can lead to significant benefits for organisations, including:

• Enhanced Decision-Making: By applying value management principles, organisations can make informed decisions that align with their strategic objectives.
• Resource Optimisation: The standard encourages organisations to assess and allocate resources more effectively, reducing waste and increasing efficiency.
• Improved Stakeholder Satisfaction: Involving stakeholders in the value management process helps to ensure that their needs are met, leading to higher satisfaction levels.
• Increased Competitive Advantage: Organisations that adopt value management are better positioned to respond to market changes and customer demands, enhancing their competitiveness.

Compliance Value

Compliance with BS EN 12973:2020 not only demonstrates an organisation's commitment to quality and excellence but also provides a framework for continuous improvement. By adhering to this standard, organisations can:

• Meet Regulatory Requirements: Many industries require compliance with recognised standards, and BS EN 12973:2020 provides a clear pathway to meet these requirements.
• Enhance Reputation: Compliance with established standards enhances an organisation's reputation, signalling to clients and stakeholders that it prioritises quality and value.
• Facilitate Training and Development: The standard serves as a valuable resource for training employees in value management practices, fostering a culture of continuous improvement.

In conclusion, BS EN 12973:2020 is an essential standard for organisations looking to implement effective value management practices. By following the guidelines set forth in this standard, organisations can enhance their decision-making processes, optimise resource allocation, and ultimately deliver greater value to their stakeholders.