“Value Engineering is the application of a systematic process called the Value Methodology Job Plan that integrates analytical, creative, and evaluation techniques within a multidisciplinary team setting; where the focus is on Improving Value by identifying the most resource efficient way to reliably accomplish the required functions of the program, project, or process, in a way that meets the performance expectations of the customer.” — SAVE International
Value engineering/analysis can be applied to manufacturing processes, capital projects, and administrative processes. In today’s environment of escalating costs, value engineering (VE) is an essential cost control tool for maintaining competitiveness and ensuring the process or project meets the intended function. It is the most effective tool available to achieve the required functions at a minimum cost without sacrificing quality. Money is a precious resource that must be considered as carefully as technical reliability.
The strength of VE comes from the use of function in determining alternatives to issues, the power of the structured team dynamics, and the experience of the team members.
Value Engineering will help your organization by:
- Validating key decisions
- Keeping within budget
- Reducing operation and maintenance activities and their costs
- Improving performance, function, and quality
- Resolving process, operational, design, and/or construction problems
- Insuring that client needs are given top priority throughout the process
- Improving return on investment