There is much talk of value engineering these days…..in the media, in proposals, and in capability statements. Do people really understand what VE is all about? …how it should be practised? …what it can achieve? All too often it is just a round of 'cost-bashing'. However, are you aware that the requirements for VE are set out in a code of practice, BS EN 12973?
What is VE?…and value management?
Value engineering is the application of functional analysis and creative thinking techniques, undertaken in group workshops, to achieve required functions at the lowest whole life cost.
Value management is a structured approach to defining what value means to a client, then establishing clear objectives, and understanding how these can be met. It is about making sure that the programme or project is heading in the right direction, not just at the outset but at several points along the way.
Is it just cost reduction?
No - it is more than that: it is value enhancement, balancing satisfaction of needs and use of resources (function and cost).
Performed properly, VE will go beyond construction cost, and address costs for the whole life of the asset.
Substantial return on investment
Cordelis adopts a proven phased workplan approach that is consistent with the principles set out in BS EN 12973, the Institute of Value Management’s guidance, and CIRIA Guide 129. This has achieved substantial return on investment in projects throughout the UK and overseas.
By reviewing and confirming objectives, and analysing functionality, the project is delivered at optimum value, consistent with required performance, timing and quality. Throughout the process we encourage client input, continually assess value for money achievements, and provide feedback.
Undertaken properly, VE will secure a return worth many times the cost of the exercise.