Value Engineering

Course details

Value Engineering VE is a conscious and explicit set of disciplined procedures designed to seek out optimum value for both initial and long term investment. First utilized in the manufacturing industry over 70 years ago it has since been widely used in other industries for many years. Value Engineering is not simply a design peer review or a cost cutting exercise. Rather Value Engineering is a creative organized effort which analyzes the requirements of a project for achieving the essential functions at the lowest total costs e.g. capital staffing energy maintenance over the life of the project. Through a group investigation using experienced and multidisciplinary teams value and cost efficiency can be improved through the study of alternate design concepts materials and methods without compromising the functional and value objectives of the client organization.Value Engineering can be applied at any point in a project even in construction. Nevertheless typically the earlier it is applied the higher the return on the time and effort invested.In most cases Value Engineering identifies and removes unnecessary expenditures thereby increasing the value for manufacturers and their customers.