Considerable effort went into conducting a value engineering exercise and planning the Dudley Southern Bypass Road. As a result, no works were carried out until the team was satisfied that it knew the site conditions, the likely risks to the project and had adequate plans in place. The project was completed five months ahead of schedule and within the target cost and the agreed budget. These results were achieved despite a major enhancement to the scheme, with the decision taken after the start of the project, to construct a new Metro line parallel to a section of the road. The team altered its plans to take account of this in constructing the road. This work is estimated to have saved over 3 million on the cost of the Metro line. Value engineering achieved savings. For instance, the original specification required the removal of large amounts of waste, to be replaced with quarry material. Much of the waste material was contaminated, but by working together and involving the Environment Agency in developing solutions, they could reuse most of the waste material within the project and prevented heavy traffic movements around Dudley. Identify and critically analyse:

1. the value management activities are undertaken by the Dudley Southerly Bypass project contractors, and

2. the resultant benefits derived from applying the value management process.