Value Engineering is a technique applied to identifying optimum value solutions during new product development. It is a technique applied to improving existing products, processes or services. The objective is usually to reduce cost, but may equally or simultaneously be to improve performance or quality. It is a conscious and explicit set of disciplined procedures designed to seek out optimum value for both initial and long-term investment.
A- The VE Job Plan follows five key steps:
Understand the background and decisions that have influenced the development of the design through a formal design presentation by the design A/E.
Speculation (Creative) Phase
The VE Team thinks of as many ways as possible to provide the necessary function within the project areas at a lesser initial or Life-Cycle Cost which represent improved value to the client
Evaluation (Analysis) Phase
Defines the criteria to be used for evaluation.
Analyses and judges the ideas resulting from the creative session.
Development Phase (Value Management Proposals)
During the development phase of the VE study, many of the ideas are expanded into workable solutions
Presentation Phase (Report/Oral Presentation)
The last phase of the VE Study is the presentation of the recommendations in the form of a written report