|About Value Engineering|
The Value Methodology (VM) is a systematic and structured approach for improving projects, products, and processes. VM, which is also known as value engineering, is used to analyze and improve manufacturing products and processes, design and construction projects, and business and administrative processes.
VM helps achieve an optimum balance between function, performance, quality, safety, and cost. The proper balance results in the maximum value for the project.
Value is the reliable performance of functions to meet customer needs at the lowest overall cost and it can be calculated like this:
Value = Function/Cost
Function is what the product or service is supposed to do.
Cost is the expenditure needed to create it.
The VM follows SAVE International®’s standard job plan, which consists of six phases:
The best results are achieved by a multi-disciplined team with experience and expertise relevant to the project being studied. A Certified Value Specialist® (CVS) usually leads the team to ensure the VM is properly followed.
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