A Systematic Method for Specifying Effective Value Models

Abstract

It has been argued that a value-driven approach can potentially eliminate troubling issues that arise during the design process, such as cost and schedule overrun, by taking a holistic perspective on how individual design decisions impact high-level attributes of concern. However, value-driven approaches can be difficult to implement in practice, at least partly because supporting tools and methods have not yet been sufficiently developed. Additionally, due to the multitude of researchers investigating the concept of value, it can be difficult to unambiguously characterize what defines an effective value model. In this paper, we attempt to address these issues by first reviewing the literature to produce a clear and concise enumeration of the characteristics of effective value models. Next, a three-stage systematic method is presented as a tool to aid in the specification of value models. To demonstrate the use of the method, a case study is presented that investigates the conceptual design of a multiple- input multiple output hybrid energy system.