Value Engineering

Meeting goals of the construction projects, i.e working on the project with three constraints of time, budget and scope in check with quality. Most of the projects do not succeed as these constraints are not budgeted correctly. Working on every aspect of project management is the basics that the businesses should not ignore.

Proper cost estimation gives an entire review of the construction project. The most important goal of value engineering is to provide the highest return on investment at the lowest possible cost. Value engineering provides optimum value for investment, here is a four step process that is followed:

Planning

The importance of planning in the early stages of the project is well known. When we perform value engineering we identify the challenges that the project would be facing and also identify the areas where significant improvement can be done. Working with stakeholders on their ideas, issues and concerns makes a lot of difference in saving scope creep and thereby scheduling and costing issues.

Design

Reviewing suggested design, working on the budget, schedule and overall strategic approach for the project

Methodology

Deciding on the methodology for achieving the best possible outcome from the project.

Approach

Working towards the stipulated methodology in accordance with the project team and all the concerned stakeholders.