Project Life Cycle

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Application of Value Analysis/Engineering methods during different Phases of Project Life Cycle

CONTENTS

PARTICULARSPAGE NO.

1. ACKNOWLEDGEMENT 3

2. EXECUTIVE SUMMARY 4

3. INTRODUCTION 5
3.1 Value Engineering defined 5
3.2 Project life Cycle defined 7
3.3 Phases of Project Life Cycle 7

4. APPLICATION 9
4.1 Definition for Construction Industry 9
4.2 EXAMPLES 10
4.3 ILLUSTRATIONS 11

5. CONCLUSION 14

6. REFRENCES 15

ACKNOWLEDGEMENT

We would like to express our gratitude to Mr. Manohar Gulati who gave us valuable advice and shared his views which were extremely helpful in preparing this report. It would not have been possible to prepare this report without his guidance. He has taught us different topics of Project Management which has helped us to write this project report. He imparted us knowledge about quality management, time relationship with project. His guidance and vision helped us in exploring different ways to complete this challenging task.

EXECUTIVE SUMMARY :-

The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life. There is first an Initiation or Birth phase, in which the outputs and critical success factors are defined, followed by a Planning phase, characterized by breaking down the project into smaller parts/tasks, an Execution phase, in which the project plan is executed, and lastly a Closure or Exit phase, that marks the completion of the project. Project activities must be grouped into phases because by doing so, the project manager and the core team can efficiently plan and organize resources for each activity, and also objectively measure achievement of goals and justify their decisions to move ahead, correct, or terminate. It is of great importance to organize project phases into industry-specific project cycles. Why? Not only because each industry sector involves specific requirements, tasks, and procedures when it comes to projects, but also because different industry sectors have different needs for life cycle management methodology. And paying close attention to such details is the difference between doing things well and excelling as project managers.

Now the concept of value engineering has evolved to complete the projects effectively and cost efficiently.

Value engineering (VE) is the systematic review of a project, product, or process to improve performance, quality, and/or life-cycle cost by an independent multidisciplinary team of specialists. It is the focus on the functions that the project, product, or process must perform that sets VE apart from other quality-improvement or cost-reduction approaches.

VALUE = FUNCTION / COST

Today, VE is not only recognized but also acclaimed as one of the best Value Improving Practices that management can deploy. Its successful application to strategic planning, quality improvement, management studies, manufacturing, and construction has demonstrated both its versatility and its durability as a management practice.

Three things differentiate VE from other management tools:

* VE is function based
* VE is multidisciplinary
* VE follows a specific methodology

Thus our focus of study was to understand the application of Value Engineering during different phases of the project life cycle and with the help of some examples we have tried to explain the concept of value engineering in reducing cost by eliminating various unproductive activities or with the use of substitute...
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