What is BS EN 12973 about?
BS EN 12973 discusses value management. The aim of BS EN 12973 is to present, define and explain value management and provide guidance for the introduction of the basic concepts, approaches, essential principles, drivers (levers), methods and tools for effective value management. BS EN 12973 sets out guidance on the essential elements of value management, which improve value, competitiveness and performance for an organization and support leadership, cross-disciplinary work and operational management.
BS EN 12973 aims to:
- Guide and give ideas for leaders, managers, and teams to plan the deployment of the Value Management approach and the effective application of Value Management core / specific methods
- Help organizations improve performance, productivity, profitability, and effectiveness
- Address Value Management at the managerial level
- Support people in strengthening value culture
- Give guidance for strengthening Value Management and Value Management methods at different levels within the organization
- Identify the conditions for effective Value Management
- Give guidance for value-based decision-making
- Stimulate and support innovation
- Establish a basis for developing training and certifying procedures for individual competencies in Value Management
Who is BS EN 12973 for?
BS EN 12973 on value management is useful for:
- HR managers and administration services
- Any person aiming to achieve, deliver or improve sustainable performance
- Executive leaders and authorities seeking to increase satisfaction for users, customers, and stakeholders to enhance the performance of their organization
- Managers and people, at all levels, who use a value management approach to support decision-making
- All those involved in value management development, deployment, or training
Why should you use BS EN 12973?
The Value Management approach is the way an organization, which aims to deliver value, applies the four essential value management principles and the four drivers (levers) for value management to strengthen its approach. BS EN 12973 sets out guidance for informal, formal, and study-based value management approaches to apply the value management principles and drivers (levers) for value management, relevant for the organization within specific circumstances and scenarios to maximize the overall performance of the organization.
Value management embraces specific management tools, which may be applied rigorously and systematically to address all kinds of issues ranging from design or production of a single component or service to addressing vision, mission and/or development of strategic goals.
The most visible benefits arising out of implementing BS EN 12973 include:
- Better business decisions, which can be supported by customers and users by providing you with a sound basis for their choices
- BS EN 12973 increases effectiveness by organizing and using limited time and resources to best effect, delivering better environmental, social, economic, and financial outcomes
- BS EN 12973 improves products for you and your customers by clearly understanding, prioritizing, and satisfying real needs
- BS EN 12973 enhances competitiveness by facilitating technical and organizational innovation and resource efficiency
- BS EN 12973 aligns members of the organization to its goals, critical success factors and values through improved internal communication and knowledge
- BS EN 12973 enhances communication and efficiency through multi-disciplinary and multi-task teamwork
