COURSE OVERVIEW

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

 

Value Engineering is a structured, function-oriented approach to cost reduction which yields savings without compromising quality, performance or usefulness. In fact, the design alternatives developed through the value engineering process invariably result in significant cost savings with equal or improved functional value. 

 

A knowledge and understanding of the value engineering methodology is becoming increasingly important to construction professionals. More industries and corporations than ever before using Value Engineering to realize the greatest value from limited financial resources. Within the worldwide construction industry numerous and other bodies involved in design or construction are including contractual requirements for VE studies on their projects. 

 

The course has been designed to appeal to individuals in all areas of the construction industry. Owner representatives, planners, architects, suppliers and other decision-makers can all benefit by the learning process and techniques of Value Engineering. 

 

As an integral part of this VE training course, you will participate in an actual value engineering team study working on a real construction project to help you gain an in-depth understanding of how and why Value Engineering gets results. During the intensive instruction and “hands-on” effort, you will be shown how value engineering can work for you, in your organization and on your particular projects.

This course is designed to provide participants with an overview of value engineering. It covers the value analysis, value engineering or value management; the value methodology and historical milestones; how value analysis methods spread globally and evolved; defining value as a basic concept; identifying who determines value; the various types of value; the value index; establishing, understanding sources and determining worth and possible reasons for poor value; the key data required (cost, process, risk); the potential value improvement opportunities based on available information; transforming data and organizing/diagramming key resources; the function analysis; the purpose of using function analysis; and the classification of functions. 

 

During this interactive course, participants will learn the random list of functions, constructing a random function identification worksheet and the fast diagram; the common terms in the use of a financial analysis including the common terms on life cycle costing; the time value of money; the purpose and procedures of each phase of the VM job plan including how each phase builds on its previous phases; the different information gathering techniques, function analysis techniques, creative techniques and evaluation techniques; the different development techniques, recommendations, key features to sell value opportunities and path forward for implementation; the key value recommendations; and the information for effective delivery and visual aids and technologies to deliver a presentation.