What is Value Engineering?

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Joint International SAVE Asian VE Conference & HKIVM Conference, May 8-9, 2015, Hong Kong. Call for papers is open! Submit an abstract (300 words maximum) by November 14, 2014, to hkivm@icc.com.hk.

SAVE Value Summit, 7-9 June 2015, Hyatt Regency Mission Bay, San Diego, CA.

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Bringing Ideas Together

The value methodology (VM) is a systematic and structured approach for improving projects, products, and processes. VM, which is also known as value engineering, is used to analyze and improve manufacturing products and processes, design and construction projects, and business and administrative processes.

VM helps achieve an optimum balance between function, performance, quality, safety, and cost. The proper balance results in the maximum value for the project.

Value is the reliable performance of functions to meet customer needs at the lowest overall cost and it can be calculated like this:

Value = Function/Cost

Function is what the product or service is supposed to do.

Cost is the expenditure needed to create it.

The VM follows SAVE International®’s standard job plan, which consists of six phases:

  • Information: Gather information to better understand the project.
  • Function Analysis: Analyze the project to understand and clarify the required functions.
  • Creative: Generate ideas on all the possible ways to accomplish the required functions.
  • Evaluation: Synthesize ideas and concepts and select those that are feasible for development into specific value improvements.
  • Development: Select and prepare the ‘best’ alternative(s) for improving value.
  • Presentation: Present the value recommendation to the project stakeholders.

The best results are achieved by a multi-disciplined team with experience and expertise relevant to the project being studied. A Certified Value Specialist® usually leads the team to ensure the Value Methodology is properly followed.

Value team leaders and members may be found within the SAVE International® Consultants Directory or online at www.value-eng.org.

Enhancing Value in Your Company
VM is embraced by businesses, industries and government agencies around the globe. Building designers and contractors, automobile manufacturers, chemical and pharmaceutical companies and national, regional and local governments all use the process regularly. The benefits they achieve using VM far outweigh the investments as reduced time and cost, and increased quality contribute to corporate success and taxpayer value.