What is the History of MoV® (Management of Value)?
The core principles of MoV® began with value analysis. Lawrence D. Miles developed this concept while working with General Electric during World War II. The shortages of skilled labour and materials forced G.E. to look for tolerable substitutes.
This value analysis was successful at reducing costs, improving products, and often both at the same time. It was so well received at G.E. that it became exported globally. The technique first came to the UK in 1957. By the 1960s, Value engineering (VE) became prevalent all over Europe.
The new Management of Value guidance was launched on the 4 November 2010, at the BIS Conference Centre, London. It continues the tradition established by the Ministry of Technology’s Value Engineering Association. In 1966, this was the first UK governmental body centred on value management.
The Office of Government Commerce built MoV from other established methods, like the P3RM Guidance. In order to ensure that MoV was fit for purpose it went through a number of quality assurance processes, including formal quality reviews:
Quality Reviews - MoV went through three review stages, involving over 20 individuals, drawn from experts in value management, accredited training organizations, authors of other Best Practice guides and end users from the public and private sectors. These people read and reviewed the guidance to ensure it was fit for purpose and met with the MoV mandate.
Train the Trainer – Representatives from around 30 accredited training organizations attended a training event based on foundation level training material and subsequently took a sample foundation exam. Feedback from the event has been incorporated in the guide and the formulation of the live exam papers.