Value Engineering

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