Value Engineering Project

When applied to the construction process, value engineering has enormous benefit for developers. The multi-step process is an integral part the design stage of a new development and aimed at increasing value. In value engineering, value is defined as function divided by cost. Concentrating on the maximizing the project’s function while minimizing cost generates the greatest value for our clients.
An important part of the value engineering planning process is the workshop. Held during the design phase of the project, the value engineering workshop involves the project team who reviews the proposed project, performs a functional analysis of the facility, obtains the owner’s definition of value, defines key criteria for the project, and offers alternative solutions for the project.

– See more at: http://www.sbci.com/value-engineering-in-construction-our-approach-to-project-design/#sthash.VkplZLTh.dpuf

VALUE ENGINEERING: THE PROCESS

The value engineering workshop has five key steps:

• Information: During the initial phase, the project team seeks to gather information about the project thus far including important details about the owners’ objectives, key criteria, and definition of value.
• Speculation: The team studies the data and brainstorms as many ways as possible to reduce initial or lifecycle cost while still maximizing function.
• Evaluation: The team evaluates ideas produced during brainstorming. Some ideas become part of the final solution while others are deemed inefficient or unworkable.
• Development: Many of the ideas that passed the evaluation phase are further developed into workable proposals. Each recommendation will be accompanied by a short narrative with a list of the positive and negative aspects of each proposal along with cost comparisons.
• Presentation: Lastly, the team makes a formal written presentation of their findings accompanied with an oral presentation to clients, users, and designers. In this final stage, the client can determine which value management proposals will be incorporated into the project in order to reduce costs and increase overall value.