Total value management in shipbuilding

The concept of total value management (TVM) in a manufacturing enterprise has been acknowledged for many years, but has gained importance in recent years. Total value management is about providing the total value for the lowest cost in the least amount of time, which satisfies the customers most and lets the company make a fair profit. This paper proves the importance of TVM in maximizing productivity, performance and value for money. The paper discusses the objectives of TVM through which the organization 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 that enhance the work in an organized manner are stated explicitly. This includes the importance of TVM in the Product Development Process, which include 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 the tasks of TVM. The concept of accuracy is one of the most important strategies that management can introduce into a shipyard to improve competitiveness. An introduction to the concept of "Zero Defects' versus "Construction Tolerance' is given in this paper. This paper also includes the detailed study of the implementation of TQM in the shipbuilding process with the examples of European and Korean shipyards. Knowledge of these examples reveals the importance of TQM in the shipbuilding process.