Value Engineering is used to solve problems and identify and eliminate unwanted costs, while improving function and quality. The aim is to increase the value of products, satisfying the product’s performance requirements at the lowest possible cost.
In construction, this involves considering the availability of materials, construction methods, transportation issues, site limitations or restrictions, planning and organization, costs, profits, and so on. Benefits that can be delivered include a reduction in life cycle costs, improvement in quality, reduction of environmental impacts, and so on.
Value engineering should start at project inception where the benefits can be greatest, however the contractor may also have a significant contribution to make as long as the changes required to the contract do not affect the timescales, completion dates or incur additional costs that outweigh the savings on offer.
We provide the following expertise for your project
• Identifying the main elements of a product, service or project.
• Analyzing the functions of those elements.
• Developing alternative solutions for delivering those functions.
• Assessing the alternative solutions.
• Allocating costs to the alternative solutions.
• Developing in more detail the alternatives with the highest likelihood of success.
Value engineering is an exercise that involves most of the project team as the project develops. It is about taking a wider view and looking at the selection of materials, plant, equipment and processes to see if a more cost-effective solution exists that will achieve the same project objectives.