Application of Value Engineering in Construction Projects

Value Engineering is a proven management technique that can make valuable contributions to value enhancement and cost reduction in construction industry. Value Engineering (VE) is not a design/peer review or a cost cutting exercise. VE is a creative, organized effort, which analyzes the requirements of a project for the purpose of achieving the essential functions at the lowest total costs over the life of the project. Through a group investigation, using experienced, multidisciplinary teams, value and economy are improved through the study of alternate design concepts, materials, and methods without compromising the functional and value objectives of the client. Value Engineering is the process of relating the functions, the quality and the costs of the project in the determination of optimum solutions for the project. A cost-effective solution is achieved by an application of VE principle for different components of the structures relating its quality and quantity. This research mainly focuses on new techniques, methods and materials that can be adopted in construction industry, in which, its process time, durability and feasibility of product can be detailed. In this study, how the principles of Value Engineering are applied in construction projects is explained, and by taking case study on commercial building as the sample project, practices of Value Engineering in this project are described.