Value engineering is used to solve problems, 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 whilst improving quality and reducing environmental impacts.
Value engineering starts at project design where the benefits can be greatest and continue throughout the construction process.
Value engineering involves:
- 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.