Improving Value Through Value Engineering
Value Engineering is the specialised methodology of finding the most effective method of achieving a given task. Focusing on function, Value Engineering identifies, through in-depth processes and innovative ways of achieving maximum value from the work that you do.
Benefits of Value Engineering
Some benefits provided by Value Engineering are:
- High return on investment
- Reduced capital costs
- Improved project schedules
- Value Engineering creates an environment in which your teams can find creative solutions to complex problems
- Develops common objectives
- Changes problems to opportunities
- Team building
- Creates cost awareness
- Improved personal thinking skills
- Decreased costs
- Increased profits
- Improved quality
- Effective use of time
- Problem solving
- More effective use of resources
Definition of Value Engineering
From PMBok (Project Management Body of Knowledge) Guide
Value Engineering is a creative approach used to optimize life-cycle costs, save time, increase profits, improve quality, expand market share, solve problems, &/or use resources more effectively
From SAVE International (Society of American Value Engineers)
Value Engineering is a systematic application of recognised techniques which identify the function of a product or service, establish a monetary value for that function, and provide the necessary function reliability at lowest overall cost.