In construction, value engineering (VE), is a method your project team can employ to improve the value of your project by examining the function of each item or element and its associated cost. By weighing the cost/benefit ratio, your team can make suggestions for alternate construction methods, designs, or materials that improve the value of the project.
It’s important to note that improving the value of your project does not mean cutting costs. It means optimizing the elements of the project through an analysis of all factors–cost, upkeep, wear-and-tear, aesthetic value, etc.
To truly provide advantageous value engineering, your construction and design team need to first understand the project as a whole and your vision and goals for the project. Every project is different, as is every client’s definition of value.
DEFINING “VALUE” FOR YOUR PROJECT
Something that has a favorable ratio of costs to benefits is considered a good value. While costs may seem easy to define – how much they cost upfront – there’s a little more to it.
To really understand the value, you need to dig deeper.
How long will those materials last?
What type of maintenance will they need?
Will they work more efficiently and cost less to operate?
The best place to start is to ask yourself what is/are the most important part(s) of the project, and what do you want the project to achieve?
Once you’ve identified them, share them with your value engineering team, and they’ll get back to you with a list of suggestions that respect your goals and enhance your project to provide the best possible value that meets your budget.
This approach is one of value enhancement for your individual project – rather than sweeping cost-cutting measures that may not be the best fit for your needs or goals.
A good value engineering team will take all things into consideration and find you the best quality options at the lowest available cost.
Chat with a value engineer today about your project:
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