About Value Engineering
Value Engineering is a systematic process using a team from a variety of disciplines to improve the value of a project through the analysis of its functions. The VE process incorporates, to the extent possible, the values of design; construction; maintenance; the contractor; state, local and federal approval agencies; other stakeholders; and the public.
The primary objective of a Value Engineering study is value improvement. The value improvements might relate to scope definition, functional design, constructibility, coordination (both internal and external), or the schedule for project development. Other possible value improvements are reduced environmental impacts, reduced public (traffic) inconvenience, or reduced project cost.
Value Engineering can be applied during any stage of a project’s development. Typically it is performed during the time of Plan-in-hand, however, it has been suggested that the greatest benefits and resource savings can be achieved early in development during the planning or scoping phases.
Value Engineering is a proven, effective tool for both continuous improvement and design enhancement. VE optimizes the allocation of limited funds without reducing the quality of a project.
Value Engineering Objectives
- Provide maximum benefit by employing the VE process as early as possible without delaying project progression.
- Provide a significant ratio of savings to the cost of the VE study or substantial improvements in the program's effectiveness.