Cost-effective Construction Strategy: Value Engineering
What does building value engineering entail?
Value engineering is a collection of methodical tools and innovative approaches used by a
building project team to address budget, quality, and scope restrictions. Value engineering
refers to approaches that can be used in a building project to reduce costs, improve
functional performance, and provide high-quality work.
What stage of a building project might value engineering be applied to?
Implementing value management approaches at every stage of a project’s life cycle is
feasible. However, it has been found that applying value engineering techniques within the
project’s initial planning and designing phase yields the greatest benefits.
Phases of Value Engineering for Construction Projects
- Information Stage
The aims, restrictions, and limitations of the construction project are identified during this
phase, along with its status quo. This stage gathers all required paperwork, such as reports,
maps, and project cost information. To check for quality, basic tools like Quality Function
Development (QFD) are used. - Function Phase
This stage of value engineering focuses on a project’s functionality and what it would do if
all its goals have been met. To gain a thorough understanding of the project, tools like
performance-function analysis and cost-function analysis are applied. - The Imagination/Speculation Stage
Engineering minds frequently overlook the creative component while evaluating simple fixes
for strategic construction issues. This stage deals with the creation of concepts that would
maximize the usefulness of the project’s finished result at a minimal cost.
This stage is all about creating concepts that can be used as alternatives to accomplish a
construction project’s goals. - Evaluation
This stage involves evaluating every possibility for improving the performance and
functionality of the construction. The concepts that can be practically realized in terms of
cost, quality, and schedule are chosen.
The construction team would pick thoughts or ideas that would give them ample time to
come up with solutions that added value to their work. - Development Phase
Shortlisted ideas are developed into solutions that can really be implemented during this
stage. Then, to save costs and improve quality and function, these solutions are turned into
recommendations that are implemented into the design. These suggestions were chosen
after doing a cost-benefit analysis. For better performance, these alternatives can be used in
building. - Presentation
Presenting an alternate option to the construction project team, stakeholders, and other
decision-makers involved in the building project is the main goal of this phase. The project
team shares all the information. All official reports, including risk analyses, cost-benefit
analyses, justification documents, value analyses, and scope reports, are provided to the
project team during this phase.
It’s important to note that the cost-effectiveness of these techniques can vary based on
factors such as project scope, location, regulations, and specific project requirements. A
comprehensive cost-benefit analysis should be conducted before implementing any
technique to ensure that it aligns with the project’s goals and budget. Additionally, involving
experienced professionals, such as architects, engineers, and contractors, is crucial to
successfully implementing cost-effective construction techniques.
Disclaimer: This content is provided solely for your review. Erusu Consultants takes no liability for this article. The reader is advised to form their own opinion. Please consult a Structural Engineer before making any final decisions.
