PM0171 : Value Engineering for Project Managers

 

This practical and highly-interactive course includes various practical sessions and exercises. Theory learnt will be applied using “MS-Excel” applications. 

 

This course is designed to provide participants with a detailed and up-to-date overview of Value Engineering for Project Managers. It covers the objectives and historical development of value engineering and its relevance in project management; the role of project management in VE and how project managers facilitate the VE process; identifying and analyzing functions in projects; the techniques for defining functions using the "active verb and measurable noun" methodology; the creativity in generating cost-effective solutions; the lateral and vertical thinking and overcoming barriers to creativity; the brainstorming techniques in project management; and the role of a project manager in facilitating creative sessions. 

 

Further, the course will also discuss the evaluation of ideas based on cost, performance and risk; prioritizing alternatives using cost-benefit analysis and risk assessment; the cost-to-worth ratio and its importance in decision-making; facilitating the evaluation process and ensuring stakeholder involvement and buy-in for selected alternatives; the tools and techniques for making informed decisions in VE; the multi-voting and team consensus methods in selecting alternatives; the life cycle costing (LCC) and its importance for long-term cost management; calculating LLC and the difference between initial costs versus recurring and non-recurring costs; the tools for LCC analysis in projects; the role of a project manager in balancing initial costs and long-term savings;  and developing action plans for implementing VE recommendations. 

During this interactive course, participants will learn the role of project manager in overseeing value engineering implementation; managing risks during implementation and ensuring project alignment; how to structure a value engineering report for a effective communication; the key components of value engineering covering executive summary, detailed report, cost analysis and recommendations; presenting value engineering findings to decision-makers; and gaining approval and support for value engineering recommendations.