Value Engineering

Masters
Essay
Business
Pages 11 (2761 words)
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Value engineering is an explicit and conscious set of disciplined procedures designed to seek the value for the initial and long term investment. It had been widely used in the construction industry for many years. Value engineering is not a design or peer review or a cost cutting exercise, but rather, it is a creative, organized effort, which analyzes the requirements of a given project for the sole purpose of achieving the essential functions at the lowest total costs of capital, staffing, energy and maintenance over the life of the project…

Introduction

Tremendous benefits are obtained from value engineering. Benefits are derived comes from the start of the planning, design and the actual construction. There is a great potential of verification if the budget is adequate for the developed program.
Value engineering (VE) is defined as "systematic effort that is directed in the analysis of the functional requirements of procedures, systems, equipment, facilities, and supplies for the purpose of achieving the essential function at the lowest total (life cycle) cost consistent with meeting the needed performance, quality, reliability, maintainability, aesthetics, safety and fire resistance" (Kavanagh, 1978). The implementation of value engineering includes the six steps which are (1)information,(2)functional analysis, (3)creative, (4)evaluation,(5) planning/proposal and (6) implementation/follow up (Snodgrass and Kasi, 1986). In the creative step, brainstorming session is involved. Life cycle cost alternatives for the design components are considered.
Value engineering and constructability are two different ways in terms of criteria discussed. ...
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