Level 3 - Dev Row (Value Engineering) Flashcards

1
Q

You mention you advised on a change of wall finishes to circulation areas on Devonshire row bar fit out – what was the cost saving?

A

Just over £50k

320m2 circulation walls

Charred - £220/m2

Glazed brick including metal frame backing boards - £380/m2

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2
Q

What were some of the key cost drivers on Devonshire Row - Bar Works?

A

Internal finishes:
Mirrored steel ‘ripple’ effect ceilings - £270/m2
Stone floor finishes - £685/m2 (£480 after VE)
Bespoke - FF&E

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3
Q

What were the VE items you advised on in the Bar Works Cost Plan?

A

Rationalizing the Joinery package - moving from bespoke to off the shelf

Replacing Rippled steel ceilings with a more standard finish - £8k

Alternative specification of stone

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4
Q

What is Value Management?

A

Value Management is the overarching approach to managing value throughout the projects lifespan, and encompasses all value techniques such as value planning and engineering.

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5
Q

What is Value Engineering?

A

The systematic approach to enhance value by eliminating unnecessary cost while maintaining or improving function.

Its concerned with Maximizing value - Not just reducing Cost

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6
Q

Whats the difference between Value Engineeing and Value Management?

A

VM - Its a proactive process or approach used to enhance value throughout the projects life.

VE - Often a reactive process to enhance value by eliminating unnecessary cost while maintaining or improving function.

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7
Q

What does value mean to you?

A

Value is very niche to me!

It would be completely dependent on what the Client is looking achieve. Is the Client focus on time, quality costs.

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8
Q

What was the total cost of the Value Engineering options proposed following the VE workshops at tender stage?

A

In the tender recommendation report I included a VE section which totaled:

£170k

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9
Q

On Devonshire Row - bar works, what were some of the other VE options following the VE workshops with the Contractors?

A

Reducing acoustic ceiling spray to 25mm - £3k

WC Marble - alternative specification - £10k

Marble ledges to perimeter to steel - £6k

Alternative microcement floor - £10k

Alternative AV provider - £27k

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10
Q

What is Value Engineering?

A

VE is maintaining or exceeding the existing quality or value while either maintaining or reducing the overall cost.

Basically having a more efficient design.

You still get everything the client wants, you can increase the budget and have something more expensive you may be able to get a higher sales value and overall profit or if you reduce cost you may find a more efficient product but maintaining the same quality hence not having an impact on sales value.

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11
Q

What did you advise the client on Devonshire Value engineering?

A

I advised the client to carry out VE exercises during cost planning and Tender stages so we could get input from the contractor

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12
Q

How did you facilitate VE workshops on Devonshire row?

A

Cost Planning - asking design team members to list value engineering ideas and brainstorming during design meetings

Tender Stages – asking contractors to present additional VE ideas during the mid tender interviews

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13
Q

What was the Saving the Client took on VE items on Devonshire Row?

A

Following tender period and VE workshops circa £180k VE proposed on schedule

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