COST VALUE ENGINEERING - QSB 4214

Introduction:

This subject aims to provide the history, background, theory, concepts and principles of value engineering/value management in everyday decision making process. The module also introduces the idea of unnecessary cost and cost cutting exercise in the planning and control stage. It generally covers the area of implementation of value engineering and the key person involved e.g the facilitator. The module concludes some of the series of discussion on the problem and constrain in the implementation stages based on significant studies.

The objective of this module is to:

1. To create an understanding in general the value process, function analysis and team dynamics in the client's value system.
2. To identify solutions to undertake value studies at different stage of a project.
3. To recommend a more collaborative effort towards the promotion and awareness of value management in the Malaysian construction industry in an effort to achieve value for money invested.

Through the study of cost value engineering i am able to learn and master the concept of cost value engineering in terms of:

• Recognize and recall the evolution process of the value engineering practice in construction.
• Identify the appropriate time to carry out Value Engineering through different construction phases.
• Identify the importance role of a facilitator in Value Engineering process.
• Recognize and recall the contribution of the value engineering/value management in the development process.
• Differentiate the 'unnecessary cost' and 'cost cutting' exercise.
• Apply the value management to a value outcome in the decision making process.
• Analyse the cost and value implications of project scope
• Generate a Job-plan for the implementation of Value Management workshop.

Throughout the group assignment carried out, I have a better understanding and clearer picture on how value management and assessment is suitable to be implemented in order to have the best and most effective and efficient cost saving scheme available. 

Potential Savings in VE application

Cost and value analysis