Value Analysis, Value Engineering & Waste Elimination Event, 24.Feb.2025

Introduction

Course Objectives of Value Analysis, Value Engineering & Waste Elimination

• Acquire in-depth knowledge of value engineering
• Introduce the overview of value engineering consisting of objectives, methodology, and techniques
• Classify the practical applications of value engineering using the project scope budget, CIAPB and preparation of cost models, planning for value engineering services, function analysis, etc  
• Apply value engineering to products, processes as well as projects
• Identify and measure the needs that products and processes have to fulfill
• Identify the solution with the best value for all stakeholders

Value Analysis, Value Engineering & Waste Elimination Course Outlines

Day 1

Introduction

• The objectives of value engineering
• The reasons for unnecessary costs
• When to apply value engineering
• VE methodology and techniques
• Interface with other programs
• Demonstrated impact of VE

Practical applications project scope and budget

• Elements of the project budget
• Prevalent budgeting techniques
• Cost control
• Defining project scope
• Parameters and parameter cost

Day 2

The capitalized income approach to project budgeting (CIAPB)

• CIAPB objectives
• Measuring property value
• The meaning of capitalization
• The capitalization process
• The need for cost control

Preparation of cost models

• Making models
• Construction cost models
• Other resources
• Types of models

Day 3

Planning for value engineering services

• VE objectives
• Level of effort
• VE and total project management
• Team selection
• The VE job plan

Function analysis

• Classifying function
• Defining functions
• Project level function analysis system techniques (FAST) diagram

Day 4

Creativity and interpersonal skills

• Creativity and fixation
• Interpersonal skills
• Human factors
• Creativity throughout the job plan
• The generation of ideas
• Delphi technique
• Value engineering – a crafted strategy

Life cycle costing (LCC)

• Decision-makers impact on LCC
• LCC and total building costs
• LCC terminology and examples
• LCC methodology
• Application pf LCC to building

Day 5

Integrating VE into the construction industry

• Planning and design
• Construction
• Maintenance and Operations (M&O)

VE applications to risk assessment and analysis

• Risk assessment
• Risk analysis