IVMM was established in May 2000 under the Organisation Act 1966, with objectives amongst others:
- To establish national identity for the institute and recognition by the community, business, industry and government of the benefits of (VM)
- To foster professionalism in the VM projects locally and regional basis by establishing a point of reference to its members.
- To advance the quality and range of VM and stimulate its application to the benefit of industry and public
- To cooperate with other institutions, Societies and Associations with similar interest
- To provided a recognized forum for a free exchange of idea and experience on VM and Advance the body of knowledge for evaluating projects successfully
- To promote or assist in the propagations of VM in the fields of business, industry and public administration and among educational research and professional bodies.
- To create a widespread awareness in the community of the benefits to be derived from the application of VM
- To develop ad maintain standards of qualification for appropriate grades of membership and criteria for registration of Practitioners so that the community may have confidence in the designations by the IVMM
- Collaborate with universities and other educational Institutions to encourage appropriate education and career development at all levels in VMEncourage academic and industrial research in the field of VM