Purpose
Value Engineering (VE) is the process of questioning whether project design concepts fulfill requirements for performance, quality, aesthetics, and budget at a reasonable life cycle cost, of examining a project or feature with the objective of improving value, and of recommending optimum alternative design solutions.
Responsibility
The Project Manager formally initiates the request for a VE session.
Timeframe
Value Engineering can take place at any time during any design phase, but ideally occur early on in schematic design.
Process
At the time of the request for VE session, the Project Manager provides the initial description of the scope and objective of the VE session. Typically, VE sessions include the Project Manager, Capital Planning & Development representatives, Facilities representatives, Architect/Engineer representatives and any other consultants as required.
During the VE session, the team evaluates alternatives and applies cost estimates to each option and a VE report is generated that communicates the results of the VE session. The team meets to finalize recommendations and generates a written report documenting the findings.
The Project Manager meets with members of the project team to review proposed alternatives and determine which will be adopted and their impact on the project cost and schedule.