Value Engineering

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Value engineering
This document originally appeared on the HEFCE HE Estates web site. In the construction industry, value engineering, value analysis and value management are all titles used to describe a structured process of examination of the function of a building to ensure that it is delivered in the most cost-effective way. There are a number of definitions that are suggested: |    |“A…technique for improving value for money…involves subjecting the design proposals to systematic review at each stage | | |of the design process (the concept stage, scheme design, and detailed design) to ensure that the final design meets | | |user requirements, without over-specification, at the lowest possible cost.” The Management of Building Projects at | | |Higher Education Institutions (NAO) | | |“Value analysis is continuous, not static. It involves questioning the status quo, removing the redundant and | | |encouraging creative thinking.” Better Value for Money from Purchasing (DTI) | | |“…an organised team study of functions to creatively generate alternatives which will satisfy the user’s needs at the | | |lowest life cycle cost.” (Anon) | | |“Value Management is a proactive, creative problem-solving process which can be understood by all.” Value from | | |Construction: Getting Started in Value Management (BRE) | | |“A structured approach to the identification and evaluation of project objectives and of the means by which these may | | |be achieved in order to obtain value for money, using a specialist facilitator and workshop techniques.” Procurement | | |Guidelines for Higher Education: Building and...
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