Value Engineering & Cost Estimating

Created by LEC Team
Last updated Mon, 27-Mar-2023
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Value Engineering is not simply a design/peer review or a cost-cutting exercise. Rather, Value Engineering is a creative, organized effort, which analyzes the requirements of a project for achieving the essential functions at the lowest total costs (e.g. capital, staffing, energy, maintenance) over the life of the project. Through a group investigation, using experienced and multi-disciplinary teamValue Engineering is not simply a design/peer review or a cost-cutting exercise. Instead, Value Design is an imaginative, orderly effort, which assesses the demands of a job for achieving the vital features at the lowest overall prices (e.g. resources, staffing, energy, upkeep) over the life of the project. With a group examination, utilizing knowledgeable and also multi-disciplinary groups, value and also cost-efficiency can be enhanced through the study of alternate layout principles, materials, and also approaches without jeopardizing the functional as well as value objectives of the client/organization. Worth Design can be applied at any factor in a job, also in construction. Nevertheless, typically the earlier it is applied the higher the return on the moment as well as effort invested. For the most part, Worth Engineering identifies and also gets rid of unneeded expenditures, consequently enhancing the worth for manufacturers as well as their clients.


Course Objectives of Value Engineering & Cost Control


Carry Out Worth Engineering in the work environment


Boost property dependability as well as availability to world-class requirements


Minimize unscheduled downtime and also production interruptions


Decrease upkeep prices by 50-70%.

Discover international benchmarking requirements.s, value and cost-efficiency can be improved through the study of alternate design concepts, materials, and methods without compromising the functional and value objectives of the client/organization. Value Engineering can be applied at any point in a project, even in construction. Nevertheless, typically the earlier it is applied the higher the return on the time and effort invested. In most cases, Value Engineering identifies and removes unnecessary expenditures, thereby increasing the value for manufacturers and their customers.

 

Course Objectives of Value Engineering & Cost Control

  • Implement Value Engineering in the workplace

  • Increase asset reliability and availability to world-class standards

  • Reduce unscheduled downtime and production interruptions

  • Reduce maintenance costs by 50-70%

  • Learn global benchmarking standards



Day 1
Introduction to Value Engineering (VE)

  • Objectives of Value Engineering

  • When to apply Value Engineering

  • Impact of Value Engineering

  • Introduction to project scope

  • Budget analysis

  • Elements of the project budget



Day 2
Application in Value Engineering

  • Value techniques

  • The Total Value Management Concept

  • VE phase relationships – Value management in design

  • Classes of Value

  • Types of Value

  • When to apply Value Engineering



Day 3
Function evaluation
  • Basic and secondary functions

Function Analysis Systems Technique (FAST)

  • FAST procedure

  • FAST examples

The Six-Step VE Job Plan

  • Information

  • Speculation

  • Planning

  • Execution

  • Reporting

  • Implementation



Day 4
Speculative Phase Creativity

  • Brainstorming

  • Nominal group technique

  • Cause and effect analysis

  • Pareto charts

  • Total Cost concept

  • Life Cycle Costing (LCC)



Day 5
Building on speculation
  • The nature of the information

  • Elements of manufacturing cost

VE Workshop Team Projects

  • Review VE plan of attack


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