Value in building

Value Engineering 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 study mainly focuses on new techniques, methods and materials that can be adopted in construction industry, in which, its cost, quality, process time and feasibility are considered. Value Engineering focuses on accomplishing the required functions at the lowest overall cost. It helps in eliminating or minimizing wastage of material, time, and unnecessary cost, which improves value to the customer.

Indian Journal of Applied Research, 2011

Saving money and, at the same time, providing better value is a concept that everyone can support. The benefits of spreading our invested rupee, building more for less money, increasing efficiency and cutting down our dependency on energy-intensive buildings and plant facilities need to be recognized today and pursued in the future. Value Engineering (VE) is not just "good engineering", it is not a suggestion program or a routine plan review, but it is a new, fresh look at problems starting from basic functional requirements-an independent approach to the project. Value Engineering is a methodology used to analyze the function of the goods and services and to obtain the required functions of the goods and service of the user at the lowest total cost without reducing the necessary quality of performance. The program seeks to improve the management capability of people and to promote progressive change by identifying and removing unnecessary cost.

Value engineering is a successful technique that has been tested in many countries and reduces the cost of the construction projects Value Engineering 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 study mainly focuses on new techniques, methods and materials that can be adopted in construction industry, in which, its cost, quality, process time and feasibility are considered. Value Engineering focuses on accomplishing the required functions at the lowest overall cost. It helps in eliminating or minimizing wastage of material, time, and unnecessary cost, which improves value to the customer.

EPRA international journal of multidisciplinary research, 2022

To cut costs without sacrificing quality or performance, value engineering has been found to be a good way to do it. Value engineering is used a lot in construction projects as a way to make decisions about what to do. Value engineering has a lot of benefits and can be used in a lot of different ways, which is why more and more businesses are including the idea of value engineering in their projects. It is well accepted that value engineering should be undertaken early in the life of a project (feasibility and planning phases) in order to maximize the benefits. Some projects fail to address the notion of value engineering and, as a result, subsequently seek to achieve the project specifications in terms of cost and time but fail to do so. The purpose of this work is to shed light on how to incorporate value engineering into the structural component/item of work of a building construction project by examining a case study of an ongoing building construction project in Kolkata during the design phase and evaluating the cost savings that can be realized by substituting alternative items or components without sacrificing quality or performance.

IRJET, 2022

The role for value engineering in the building sector has expanded in recent years. Value engineering has a significant impact on project standard, dependability, and overall efficiency. Amongst the most successful strategies for identifying and eliminating excessive expenditures in building design, construction, operations, and management is Value Engineering. Value engineering is not primarily concerned with cost reduction; rather, it aims to improve value rather than minimize costs. In terms of quality, efficiency, endurance, and boosting implementation over the life of a project without disrupting future demands, both value engineering and sustainable development play a critical role. This methodology is divided into three stages: value engineering pre-study, value engineering work plan, and value engineering post-study. The ideas of VE are discussed in this critical literature study in order to achieve higher quality at a reduced cost in building construction sites.

International Journal of Project Management, 2012

The paper distinguishes between value management and value engineering on the basis of their underlying assumptions. The traditional approach to value engineering is analysed, and is found to reflect the optimizing paradigm of hard systems thinking. In contrast, the alternative approach offered by value management is based on the learning paradigm of soft systems thinking. While the objectives of value engineering are dominated by cost reduction, the purpose of value management is to develop a common understanding of the design problem and to identify explicitly an agreed statement of design objectives by the project stakeholders. smart value management is introduced as the means by which these ends can be achieved. It is further suggested that this approach enables project managers to exert an increased level of control over the early stages of building design. It also ensures that different interest groups within the client organization are actively involved in the design process, and that they thus ‘buy in’ to the decisions which are made.

Value Management (VM) has been proven to provide a structured framework, together with other supporting tools and techniques, that facilitate effective decision-making in many types of projects, thus achieving ‘best value’ for clients. One of the major success factors of VM in achieving better project objectives for clients is through the provision of beneficial input by multi-disciplinary team members being involved in critical decision-making discussions during the early stage of construction projects. This paper describes a doctoral research proposal based on the application of VM in design and build construction projects, especially focussing on the design stage. The research aims to study the effects of implementing VM in design and build construction projects, in particular how well the methodology addresses issues related to cost overruns resulting from poor coordination and overlooking of critical constructability issues amongst team members in construction projects in Malaysia. It is proposed that through contractors’ early involvement during the design stage, combined with the use of the VM methodology, particularly as a decision-making tool, better optimization of construction cost can be achieved, thus promoting more efficient and effective constructability. The main methods used in this research involve a thorough literature study, semi-structured interviews, and a survey of major stakeholders, a detailed case study and a VM workshop and focus group discussions involving construction professionals in order to explore and possibly develop a framework and a specific methodology for the facilitating successful application of VM within design and build construction projects.

Journal of Traffic and Transportation Engineering, 2013

The current economic conditions have entailed the use of rational method and techniques and research and application of new techniques by utilizing advancements in technology in the field of production as well as in every field. Excess cost control requires to be maintained throughout the project life of building beginning from the initial stages of design. Scrutinizing the project well and considering all possible alternatives particularly in design stage are important for achieving optimum cost. In this study, how the principles of VE (value engineering) are applied in construction projects is explained, and by covering Bregana-Zagreb-Dubrovnik Motorway construction in Croatia by BECHTEL-ENKA joint venture as the sample project, practices of VE in this project are described. The satisfactory results of time and cost saving are achieved by applying value engineering principles through the VE team during the project preparation phase and project revision phase. Approximately 43,000,000$ and 12 months of time were saved in total thanks to all these VE works. This saving provided builder company with 6% financial saving and 17% work time reduction.

International Journal of Engineering Research and, 2015

Keeping the costs low with traditional cost management has been a commonly applied measure to improve competitiveness. However, keeping cost down alone is not enough, there is an increasing need for improve in schedule as well as efficiency and effectiveness. Value engineering is thus arguably of greater importance than cost management efforts. Value engineering is used to analyze the function of the materials and methods and to obtain its required functions at the lowest total cost without reducing the necessary quality of performance. This method saves money and ensures that projects are cost-effective, time-effective and or improves the quality of the project. The methodology consists of three stages. The first is pre workshop in which the value engineering team is formed and the collection of data from an organization is done. The second and core stage is workshop stage with five phases which are information, functional, creative, evaluation and presentation where best alternative recommendations are made. The last is post workshop stage where the recommendations from second stage will be implemented. The main aim of this thesis is to develop a Value Engineering methodology that leads to reduce cost and improve schedule of residential building projects for people in an applicable way that local professionals can understand and apply. An existing project data was collected for case study and it was studied and the methodology was applied for improvement of the project by saving the cost and improving schedule. The developed methodology forms the first step towards applying Value Engineering in local projects and it can easily be adapted to serve other sectors like infrastructure.

The current construction practices require a great effort to balance the factors such as money, time and quality. Comparing with other industries it seemed that construction industry remains the toughest one to deal with. It is proven that certain modern techniques can be easily adapted to the project to balance the factors above said. Value engineering is an efficient tool among them for fostering the construction quality with an aim of low cost and high services. The value engineering study is carried out with analysis of basic functions of the project and based on that analysis unwanted elements in the project are scrutinized and eliminated. The function analysis is carried out with the help of FAST tool and the projects study deals with a step by step process. This thesis deals with implementing the value engineering concepts in a residential building project in order to reach out better quality with lower cost.