What is Value Engineering?
Posted: March 03, 2014
Value Engineering (VE) is defined as a process in which the value of a product or service is improved through examination of function. In layman’s terms, are you using the right tool for the job? Are you using the right room for the right class? Are you going to build an athletic center in the right place in your campus? This can apply to any industry but most importantly in construction and design.
A client may want a specific look for their facility but the materials they choose are highly expensive. Value engineering comes into play when the builder then finds alternatives that maintain the same look and feel of the client’s wants for a lesser cost.
If you think about it, one can VE daily activities and/or spending. When at the grocery store, do you purchase the name brand or go for the less expensive store brand? Some generic brands are value engineering their products in hopes of attaining a new customer. Many have been placing small text on packaging, “Best value compared to…”
The best way contractors can VE your project is by determining what exactly is needed or wanted. Once the exact need or want is determined, then the real work can begin by finding other products that can be substituted. Expensive windows that adjust the amount of light that enters a room can be substituted for self-retracting shades that adjust automatically. High wattage lighting can be replaced by lower wattage bulbs or adding a few more fixtures to lower monthly costs. What is ultimately the goal? Cost savings, better use of product, earth friendly choices. The list goes on.