Value Engineering, also known as value analysis, is a systematic function-based method that serves to increase the value of products, projects, or processes.
As part of an IV study, a team will follow a structured process. This process will help members communicate, capture different perspectives, innovate and analyze.
What is value?
Value is what you are willing to pay for the performance of a product, process or project.
Good value is obtained when the desired performance is clearly defined and the lowest cost of the life cycle is achieved.
Value engineering improves value. For road projects, this improvement can take the following forms: reducing the cost of the life cycle of an interchange, improving the safety of a concept or reducing the impact on the public by shortening the duration of a project.
Value engineering involves using a combination of analytical and creative techniques to find creative ways to achieve goals.
The functional analysis technique is what distinguishes the engineering method from the value of other methods of solution analysis.
The IV strives to provide a product or service at the best price, incorporating valuable features that customers value most.
How does the analysis of the function work?
When performing a function analysis , the function is defined by an active verb and a measurable name. As an example, the function of this site is to inform the reader.
How does the IV work?
Value engineering is based on a structured process for evaluating different options. Each IV session has a number of steps:
Collect information
What is happening now?
Measure performance
How to measure alternatives?
Analyze functions
What should be done?
How much does it cost?
Generate ideas (brainstorming)
What other option could do the trick?
Evaluate and classify ideas
What are the best ideas?
Develop ideas
What is the impact?
What is the cost?
What is the yield?
Present ideas
Sell the alternatives
What are the advantages of the IV?
Through Value Engineering, you will improve your ability to manage projects, solve problems, innovate and communicate.
With an IV program, your staff will have an effective tool that increases the value of any product, project or process.
Some MTO IV studies have resulted in reduced costs and risks, better timing, improved design, and better collaboration.
Typically, in an IV study, a multidisciplinary team will spend three to five days in the workshop. The benefits of such an investment generally exceed 10: 1.
When a product is made with a specific function and is built to last a certain length of time – that is the result of optimizing the engineering and design process to create a product with only the required features and using the best material to meet the product’s intended life cycle.
Many architectural and construction projects have been known to waste time and money on expensive and unnecessary building materials or structures that are designed to be far more complex and costly to build – than is necessary for the intended function of the building.
Value engineering is the process of finding and using acceptable material and process substitutes that will optimize both the cost and the performance of a structure.
At The Engineering Design, when your project is on a tight budget and an even tighter construction schedule, we are skilled at applying Value Engineering and Optimization principles, to obtain the following results:
questioning how the whole building is to be used
using creative and analytical tools to optimize spaces
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