Value engineering can be defined as a set of systematic tools and creative methodologies adopted by a construction project team to rectify constraints of costs, quality, and scope. Value engineering represents solutions that can be implemented in a construction project to optimize costs, improve functional performance, and achieve high-quality work.
Based on the interpretation of the undertaking administration Institute (PMI), value engineering is a creative perspective utilized in the undertaking life cycle to increase productivity and standard, and to make the undertaking more lucrative. Value engineering can enable engineers to use the undertaking resources within optimum limits and increase market share.
Value engineering techniques can be incorporated in the early planning phase of a construction undertaking as they involve the value planning of the undertaking. The main objective of implementing value engineering in a construction undertaking is to decrease the costs, increase the standard along with performance, and solve technical problems that make the undertaking liable to uncertainties.
However, it has been observed that the highest benefit is achieved when value engineering practices are implemented in the preliminary planning and designing phase of the undertaking. It is viable to implement value administration methodologies in all stages of the undertaking throughout its life cycle . This is because the undertaking design is more flexible and can easily adapt to any changes without costing too much. Furthermore, more resources are reserved when value engineering is implemented during the conceptual stage. The following figure shows the timeline during which value engineering can be implemented and its impact on the construction undertaking. This is the stage where we can evaluate potential alternatives that would result in increased quality and low costs.
This phase collects all the mandated documents, reports, maps, and cost details of the projects. This phase involves the identification of building project objectives , constraints, limitations, and assessing the status quo of the project. main tools like standard Function Development (QFD) are used to check for standard.
The undertaking may have several strategic issues that can lead towards increased costs and these issues are identified using tools like SWOT analysis (strength, weakness, opportunity, and threat). Furthermore, the risks, high-cost areas, and scheduling performance are comprehensively understood in this phase.
This phase of value engineering is about the functionality of a project and what a project would do once all the objectives have been achieved. The instruments like performance-function analysis and cost-function analysis are used to develop a comprehensive understanding of the project.
Engineering minds have a propensity for evaluating quick solutions to strategic construction problems and are likely to ignore the aspect of creativity. This phase is related to the development of ideas that would optimize the function of the undertaking’s final product at low costs.
This phase is all about developing ideas that can serve as alternatives to achieve the objectives of a construction project.
The ideas that are feasible in terms of cost, quality, and schedule are selected and implemented practically. This phase is about the assessment of all ideas available for increasing building performance and function. These ideas affect performance and cost and this can be depicted by using tools like T-charts. The potential ideas are selected by life cycle costing (LLC), and choosing by advantage (CBA).
The building team would select ideas or concepts that would offer enough time to generate value-oriented solutions for building activities.
This is the phase where shortlisted ideas are worked into practically workable solutions. These solutions then become the recommendations incorporated in the design to optimize the costs and increase standard and function. These alternatives can be applied in construction for increased performance. These recommendations are selected based on cost-benefit analysis.
This phase is all about presenting an alternative solution to the construction project team, stakeholders, and other decision-makers that are associated with the construction project. All the information is propagated within the project team. In this phase, all the formal reports like risk analysis, cost-benefit analysis, justifying documents, value analysis, and scope are presented to the project team.
The following advantages are associated with value engineering:
Value engineering can be defined as a set of systematic tools and creative methodologies adopted by a construction project team to rectify constraints of costs, quality, and scope. Value engineering represents solutions that can be implemented in a construction project to optimize costs, improve functional performance, and achieve high-quality work.
It is viable to implement methodologies of value management in all stages of the project throughout its life cycle. on the other hand, it has been observed that the highest benefit is achieved when value engineering practices are implemented in the preliminary planning and designing phase of the project.
It promotes the ability of creative thinking among the decision-makers and project stakeholders. Some of the advantages of value engineering are: 1. 2. Value Engineering ensures a seamless flow of information within the project team and certainty for the given information. 3. It promotes a spirit of teamwork. 4. It optimizes the costs of the project while increasing the standard of the final product.