Understanding Value Engineering
Value engineering, also known as value analysis, is a crucial step in the value management process in the construction industry. It is the process of optimizing or improving a project or product to deliver its maximum functionality or capabilities without exceeding a budget and without compromising quality. The goal is to optimize expected outcomes, such as the number of floors and facilities in a building project, according to the available budget.
There is a standard methodology followed in the value engineering process, which consists of six phases: gathering information, speculation, evaluation, development, presentation, and audit. In the gathering phase, the value engineering team gathers design information, such as critical elements and their functions, costs, and values.
In the speculation phase, the team identifies alternative designs for the critical elements. In the evaluation phase, the team compares the alternative designs to ensure they meet the original functionality without deviations. In the development phase, the team develops the selected alternatives to achieve the intended functions and values.
In the presentation phase, the value engineering team presents their recommendations to the design team. In the audit phase, the design team audits the implemented recommendations to ensure they meet the desired outcomes.