L4.2: VALUE ENGINEERING Flashcards
Is used in construction projects to provide a
clear and detailed analysis of how best to meet the goals of the
construction project
Value Engineering
What is the common goal of Value Engineering?
To provide the highest value at the lowest cost
Value Engineering is NOT ABOUT?
- Cost Cutting
- Scope Reduction
- Loss of Quality
- Forced Redesign
Value Engineering process includes?
- Planning
- Design
- Methodology and Approach
The more planning and analysis done at the early stage of the construction project – the better for everyone.
Planning
At this second phase of the Value Engineering process, the design is typically at the schematic stage. In fact, it is required by most government agencies to have a Value Engineering session at the design stage
Design
It is in this third phase, that the Value Engineering workshop can and should be used.
Methodology and Approach
SAVE International has outlined 6 key steps that should be followed.
- Information
- Function Analysis
- Creative
- Evaluation
- Development
- Presentation
What are the goals of Value Engineering?
- Maximizing Value
- Minimizing Costs
- Improving Efficiency
- Maintaining Quality
- Developing Alternatives
What are the different Value Engineering Tools?
- Function Analysis System Technique (FAST)
- Brainstorming
- Benchmarking
- Life Cycle Cost Analysis (LCCA)
- Value Stream Mapping (VSM)
- Design of Experiments (DOE)
- Pareto Analysis
- Function-Cost Matrix
It is an approach where teams can visualize the
relationships between different functions and identify the critical ones that contribute most to the overall value.
Function Analysis System Technique (FAST)
This technique involves breaking down the product into basic functions and categorizing them as primary or secondary.
Function Analysis System Technique (FAST)
Encourages team members to think outside the box and propose innovative alternatives without immediate judgment or criticism
Brainstorming
It involves comparing the project’s
functions, processes, and costs with those of similar projects or industry standards.
Benchmarking
This technique helps identify the best practices and performance standards so teams can set realistic performance targets and identify areas for improvement.
Benchmarking
It is a technique that evaluates the total cost of
ownership of a product or system over its entire life span. This analysis includes initial costs, operation and maintenance costs, and disposal costs.
Life Cycle Cost Analysis (LCCA)
It is a visual tool used to map out all the steps in a process and identify areas where value is added and where waste occurs
Value Stream Mapping (VSM)
It is a statistical approach used to plan, conduct, and analyze controlled tests to evaluate the factors that influence the performance of a product or process.
Design of Experiments (DOE)
It is used to identify the most significant
factors contributing to a problem or cost. This technique involves categorizing and prioritizing issues or costs so that efforts can be focused on the areas with the greatest impact.
Pareto Analysis
It is a tool used to compare the costs associated with each function of a product or process. Like many others in this section of the article, this matrix helps in visualizing the relationship between functions and their costs, highlighting areas where cost
savings can be achieved.
Function-Cost Matrix
