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

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