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Value Solutions

VALUE ENGINEERING

Definition

Value engineering (VE) is a systematic method to improve the "value" of goods or products and services by examining its final outcome to intended functional scopes. Often, this improvement is focused on cost reduction; however other important areas such as customer perceived quality and performance are also of paramount importance in the value equation.

Value Engineering

Design means & methods, emerging technologies and material costs are examples of variables that directly affect project construction costs.  Fluctuations in these variables can occur frequently, sometimes randomly, thus requiring our consultancy to stay ahead and on top of relevant industry updates.  Maintaining an edge on that information, coupled with our extensive experience in a wide variety of electrical systems, allows us to properly balance the effects of function and cost on overall value. These analyses are presented to our clients in comprehensive reports as cost saving options and subsequent design  

Value Engineering can achieve impressive savings, much greater than what is possible through conventional cost reduction exercise, even when cost reduction is the objective of the task.

PSE value solution engineering services consist of a systematic, top-down review of all design elements with the objective of identifying cost effective product/infrastructure substitution solutions. The ultimate end is to provide our clients with innovative cost savings that need not compromise design intent, performance, quality or long term maintenance. When implemented at the planning and design stages, these results are significantly enhanced as demonstrated 

 

potential-savings

 

 

 

4 Reasons to perform a value engineering study

Your project is over budget or behind schedule

You want to uncover hidden redundancy and inefficiency built into your project

Your project is not meeting expectations

You just know there is a better way

 

 

Approach methodology

Value methodology (VM) is a systematic and structured approach for improving projects. VM is used in purpose to analyse and improve design and construct projects. VM assists in achieving 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 a standard job plan, which consists of six phases:

  1. Information: Gather information to better understand the project.
  2. Function Analysis: Analyze the project to understand and clarify the required functions.
  3. Creative: Generate ideas on all the possible ways to accomplish the required functions.
  4. Evaluation: Synthesize ideas and concepts and select those that are feasible for development into specific value improvements.
  5. Development: Select and prepare the ‘best’ alternative(s) for improving value.
  6. Presentation: Present the value recommendation to the project stakeholders.

The best results are achieved by engineers with experience and expertise relevant to the project being studied, applying relevant knowledge to maximise process administered by VM principle

Conclusion

Effective value engineering in the construction industry requires the right mix of experience, initiative, creativity and logical thinking. Seeing holes in processes and connecting tasks together to flow in a streamlined manner is complex work.

In the final analysis, Value Engineering is not only beneficial, but essential because:

  1. The functionality of the project is often improved, as well as producing remarkable savings, both initial and Life-Cycle Cost.
  2. A "second look" at the design produced by the architect and engineers gives the assurance that all reasonable alternatives have been explored.
  3. Cost estimates and scope statements are checked thoroughly assuring that nothing has been omitted or underestimated.
  4. Assures that the best value will be obtained over the life of the building

 

 

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