‘Value Engineering’ or VE basically is a design optimization technique that is applied to conventional design to
reduce cost while maintaining functionality and the required building code safety factors.
It was first developed and applied in the US in 1940 by Laurance D Miles from Harvard but unfortunately it is ignored by most engineers especially in the Asian countries only until recently where there are some signs of interest.
Currently, in the US, VE is mandatory by Law for all US government projects.