Value Engineering Skills

Course details

Value, in its broadest sense, is the benefit to the client, offered by a ;Value Engineering (VE) is a creative, organized approach which enables providers of a product, service or a project to engage in a proactive way with stakeholders to ensure that project value is optimised, life-cycle costs are reduced, and unnecessary costs eliminated. The VE methodology emphasizes the return-on-investment aspect of decision-making in terms of benefits management during project planning, procurement and execution. It enables design teams and organisations to identify and evaluate alternative ideas and solutions at any project phase avoiding wasted design and investment effort and deliver best value solutions which meet client requirements. VE is not about selecting the cheapest option; rather, it is about realizing best value for money and improving productivity, competitiveness and effectiveness of organisations in addition to stimulating innovation.

This lively and interactive AZTech training course is designed to provide the participants with expert guidance for securing real benefits and cost savings by implementing VE in their projects with a greater emphasis on the development of project scope, cost estimates, design solutions and budgets. Within the project management context, the course significantly enhances creative thinking, problem solving, objective assessment, and informed decision-making skills.

This AZTech training course will feature:

• Systematic step-by-step VE methodology to support the initiation
• Planning and application of VE techniques
• Capturing stakeholders’ requirements and expectations
• Developing conceptual cost estimates and models
• Undertaking life-cycle costing analysis
• Producing a high-level project plan to guide project execution and control

What are the Goals?

By the end of this AZTech training course, participants will be able to:

• Understand the fundamental concepts of value engineering and how it supports effective project management by providing a continuous thread of good practice throughout the project development process
• Gather and organize information and cost relevant to key elements of the project
• Learn how to capture and incorporate stakeholders’ input in the development of the project charter and plan
• Critically assess and evaluate the relationships among key attributes such as cost, value and function
• Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value; and
• Objectively present a convincing case in support of certain project alternatives

Updated on 09 January, 2020