Companies tend to lose a lot of time and money on expensive and unnecessary materials or processes that are non-essential for the intended function of the Product.
5 Steps Of value Engineering are:
- Information gathering:
The information phase is aimed at gathering all data needed to understand the full scope of the project.
- Understand the framework and decisions that have influenced the development of the design.
- Analyse the key functional issues governing the project. The functions of any facility or system are the controlling elements in the overall VE approach. This procedure demands the participants to think in terms of function, and the cost and impacts associated with that function.
- Determine Owner’s definition of Value.
- Creative Speculation:
- Examine and assess the plans resulting from the creative session. Ideas found to be impractical or ineffective rejected. Those designs that represent the greatest potential for cost savings and value addition are developed further. E.g. (schedule impacts, aesthetics, etc.).
- In the evaluation phase, the advantages and disadvantages of each idea you have explored are listed. When the disadvantages exceed the advantages, the alternative should be dropped in favour of other more solid alternatives. The team typically performs a weighted matrix analysis to group and rank alternatives, and the best alternatives are selected for consideration in the next phase.
- Evaluation is a continuous process and plotting of the obtained values will generate a trend.
Establish ideas into a written and verbal proposal that will be presented in the final stage of the project.
- A detailed evaluation of the benefits and limitations of the proposed design.
- Value comparison and LCC (life-cycle cost) calculations.
- Compare the original design method to the proposed change.
The purpose of this stage is to obtain approval for the project. Present your proposal to all decision-makers and explore any final possible alternatives before moving forward to the Implementation phase.
- Identify and prioritize Client’s value objectives.
- Implement admitted plans into design.
- Provide a feedback.