Value Engineering and Budget Conformance
Value engineering is all about making the best use of the available budget. During this phase, our project managers consider all costs associated with the project, taking an in-depth look at the functions of any equipment, facilities, services, systems, and materials used. When analyzing these components, managers will be looking for ways to improve cost effectiveness while not negatively affecting the quality, reliability, or performance.
Information
Gathering project information and understanding its primary goals.
Function Analysis
Identifying the functions of the product or project.
Creative
Generating alternative solutions which accomplish the intended functions but add value.
Evaluation
Reduce the ideas to a list that can be implemented.
Development
Develop the alternatives into viable a viable plan of action.
Presentation
Present the results to management or other stakeholders.
Value engineering is a systematic and organized approach to providing the necessary functions in a project at the lowest cost.
Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality.
Value Engineering is focused solely on the functions of various components and materials, rather than their physical attributes.