Value Engineering

State-of-the-Art Techniques and Approaches

Value Engineering is often perceived as just another fancy term for cost cutting or reduction in the quality of a project. This is neither a true nor accurate perception about the intent or practice of Value Engineering. Value Engineering is in fact an important and integral part of the successful planning, design and construction of any project. Value Engineering, properly applied and implemented produces significant results that enhance both the quality and utility of a project.

It is important for owners, contractors and designers alike to understand and integrate the process of Value Engineering into all of their projects. While Value Engineering may not necessarily always reduce the initial project costs, it will always provide greater value over the life cycle of a project and an improved return on investment.

This course presents and examines state of the art methods, techniques and approaches used in Value Engineering. It discusses the role and responsibility of designers and owners in the value engineering process. It presents real life examples and project case studies demonstrating the applications and benefits of Value Engineering.

 

Course Topics Include:

  • Traditional approaches to Value Engineering & their drawbacks
  • Establishing value and performance criteria for a project
  • Owner's role in the Value Engineering process
  • Is Value Engineering an implicit part of a designer's responsibility?
  • Should contractors be trusted with the Value Engineering process?
  • Developing reliable estimating & cost management procedures
  • Performance specifications & Value Engineering
  • Advanced analytical techniques to improve products & processes
  • Function & issue analysis techniques
  • Cost, energy & maintenance models
  • Implementation of accepted proposals into the design
  • Value Engineering & project harmony
  • Life cycle costing & evaluation techniques
  • Is Value Engineering worth the expense?
  • Quantifying the benefits of Value Engineering