Value Engineering Principles

Value Engineering Principles

1. Exam Questions

   • 1. Q: Indentify the key elements around VE (effective & theory) & explain why they aren't present in real life contracting practive. A: Contractors say the use of VE for cost and programme issues. 'If it goes wrong, we use VE'. Theory is the workshop approach and function analysis.
   • 2. Q: What is value in value eng. A: Objective value, can be quantified, ignores subjective value as it subjective cannot be measured.

2. 1. Evaluation of Value Engineering (Function Analysis)

   • Function Analysis

3. 2. Verb-Noun Descriptors

4. 3. Value Engineering & the project process

5. 4. The Design Fixity Problem

6. 5. Problems with VE in Practice

7. Definitions

   • 1. Stakeholders: People who have an influence in the project but aren't nesscerarily paying for it.
   • 2. Value Eng: Finding an alternative by meeting whatever the client wants. Finding out how 'effective' they are. Happens later on in the process. Usually happens when something goes wrong.
   • 3. Value Mang: Happens early and stakeholders are involved in the process.