Total value management in ship building

The concept of total value management in a manufacturing enterprise has been acknowledged for many years, but it has gained importance in recent years. Total value management (TVM) is about providing the best value at the lowest cost in the least amount of time, while satisfying the customer and letting the company make a fair profit. This paper proves the importance of TVM in maximising productivity, performance and value for money. Various issues concerning TVM have been discussed elaborately in this paper. The paper specifically discusses the objectives of TVM through which an organisation achieves its goal and the methodology used by TVM to develop the most efficient and advanced procedures to build a world-class product. The major elements of TVM to enhance the work in an organised manner have been stated explicitly. This includes the importance of TVM in the Product Development Process, which includes the management of time and quality by reducing the overall process cycle. Total Quality Management is a major part of TVM, which assists in the accomplishment of TVM tasks. The concept of accuracy is one of the most important strategies that management introduces into the shipyard to improve competitiveness. An introduction to the concept of "Zero Defects" vs. "Construction Tolerance" is given in this paper. The paper also includes a detailed study of the implementation of TQM in the ship building process, using the examples of European and Korean shipyards. These examples show us the importance of TQM in the ship building process.