Value engineering is defined in Indian Journal of Science and Technology as a methodology used to analyze the function of the goods and services and to obtain the required functions of the user at the lowest total cost without reducing the necessary quality of performance.
Although most of the time, value engineering is confused as cost-cutting techniques in the construction industry, Value Engineering involves cost reduction by improved functionality through lesser energy consumption through:
- Manpower
- Materials
- Machines
The activities involving value engineering in construction are the following:
- Material availability
- Methods of construction
- Transportation issues
- Site limitations or restrictions
- Planning and organization
- Costs
- Profits
The methodology follows the pattern:
- Identify the main elements of service or project
- Analyze the functions of such elements
- Develop an alternative solution to deliver the functions
- Assess the alternative solutions
- Allocate costs for the solutions
- Develop the alternatives with potential success.
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