In the 1970s awareness of Value Engineering saw a number of Australians who recognised the success of its applications in the USA decide to apply the process locally. They formed the Institute of Value Engineering Australia Inc, registered as an Association in the ACT in November 1977.
After a number of very active years where Value Engineering and Value Analysis achieved many successes in the manufacturing, armed forces and heavy engineering sectors, the activity of the Institute of Value Engineers Australia Inc declined and the association became an entity in name only – it was not active.
In the late 1980s these processes began being applied in the Australian civil, building and construction sectors.
The quest for better value for money from decision-making and capital investments was heard and on 19 July 1990 a group consisting of architects, engineers, government agencies, academics and some members of the dormant Value Engineering group met, rekindled and renamed the association as The Institute of Value Management, Australia Incorporated.
In the years that followed:
- a joint New Zealand and Australian Standard for VM was drafted – AS/NZS4183:1994
- criteria were established for grades of membership, courses and professional registration as a VM Facilitator
- NSW Government wrote its Total Asset Management Policy and Value Management was a major component in the process for developing a project funding strategy
- IVMA convened a number of national conferences
- IVMA assisted in the establishment of the Hong Kong Institute of Value Management and the UK Institute of Value Management
- IVMA took a lead role in the re-writing of the Australian Standard for Value management which was released: AS4183:2007
- in 2013 IVMA Board of Management set about reinvigorating the Institute and developing a new positioning, business plan, governance arrangement, slight name adjustment and roll out plan to put to its members.
The Board of Management met and were unanimous in recommending a new draft Business Plan and future positioning for the Institute which involves a plan to re-launch in 2014 subject to member support. Additionally the Board engaged Jonathan Dutton as the virtual CEO for that immediate period of change.
The Institute’s Annual General Meeting noted the Board’s work to date and acknowledged the amount of preparatory work to be completed, so endorsed the scheduling of a Special General Meeting in April 2014. This SGM would be planned to consider the detailed new Business Plan, positioning strategy, roll out and relaunch timeline and other key governance changes including a new Constitution, that will support the Institute’s new direction and changes.
In April 2014 the membership voted at a Special General Meeting to accept a number of key changes for the Institute. They included:
- a business plan to reshape, re-brand and re-launch the IVMA, including a new logo and committee structure which would be sub-committees of the Board
- transfer of registration from the Associations Incorporation Act 1991 to registration as a not-for-profit public company limited by guarantee and registered under the Corporations Act 2001 part 5B.1
- change of name to the Institute of Value Management Australia Limited registered with the Australian Securities and Investments Commission
- repeal existing Rules in favour of a new constitution for the company
- adopt the constitution for the company tabled at the general meeting be adopted as the constitution of the Institute of Value Management Australia Limited.
On 17th June 2014 ASIC approved the application for registration by the Institute of Value Management Australia Limited and they allocated an Australian Company Number.
The Executive continued to work with a range of suppliers and contractors, led by virtual CEO, Jonathan Dutton through to May 2015, to effect these directives for change to the Institute. Some of the steps put in train included:
- ORS and ASIC documentation for lodgement
- detailed position and wording on Membership criteria and Membership benefits
- new logo, branding, presentation format templates and style guide
- insurance coverage for the Institute Officer Bearers
- an agreement for the services of The Association Specialists
- revisions and updates to the Institute’s website
- introduction of a $35.00 Associate Membership for members of other professional bodies
- a regular Institute conference.