Assume you are working for a value management consultancy that has been asked to carry out a value review of the given project. Prepare a report for the client team to demonstrate how a VM study can effectively improve Value for Money (VfM), which shall consider and include the following: (i) Strategic Value Study Develop the client project value system for the scheme relevant to the early stages of RIBA Plan of Work in the form of a pairs-comparison matrix, to reflect the priorities and measures of success for the case study. You are expected to consider the project aim & objectives, project characteristics, as well as the categories of stakeholders that should be involved in the value study for the given Scenario. The explanation on the relative importance of the 9 dimensions of value is also required to ensure the design teams have a better understanding of the client's values as they develop the design solution.

Value Engineering (VE) Study Refer to the given BCIS cost analysis, develop one VE proposal to the design team. The proposal should consider how the project cost is distributed amongst the building elements and identify where are the VE opportunities in the design solution for the given case study. Discuss also how does VE generate value, who derives the value during the operation stage, and clarify the VE implications for the project value system. The use of value ratio to demonstrate and explain how value is improved is expected in the proposal. (Word limit: 800 words)