4/ 18/ 13 Value Engineer ing & it s Benef it s

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What is Value Engineering?

Value Engineering is a fuction oriented, systematic team approach and study to provide value in a product, system or service.
Often, this improvement is focused on cost reduction; however other important areas such as customer perceived quality and
performance are also of paramount importance in the value equation.
Value Engineering techniques can be applied to any product process procedure system or service in any kind of business or
economic activity including health care, governance, construction, industry and in the service sector.
Value Engineering focuses on those value characteristics which are deemed most important from the customer point of view.
Value Engineering is a powerful methodolgy for solving problems and/or reducing costs while maintaining or improving
performance and quality requirements.
Value Engineering can achieve impressive savings, much greater than what is possible through conventional cost reduction
exercise even when cost reduction is the objective of the task.

What are the benefits of Value Engineering ?

Value Engineering helps your organization in :

Lowering O & M costs

Improving quality management
Improving resource efficiecy
Simplifying procedures
Minimizing paperwork
Lowering staff costs
Increasing procedural efficiency
Optimizing construction expenditures
Developing value attitudes in staff
Competing more sucessfully in marketplace

Value Engineering helps you to learn how to :

Improve your career skills

Separate "Symptoms" from "problems"
Solve "root cause" problems and capture opportunities
Become more competitive by improving "benchmarking" process
Take command of a powerful problem solving methodology to use in any situation

How is Value Engineering Applied ?

The technique of Value Engineering is governed by a structured decision making process to assess the value of procedures or
services. Whenever unsatisfactory value is found, a Value Management Job plan can be followed. This procedure involves the
following 8 phases :
1. Orientation 2. Information 3. Function 4. Creativity 5. Evaluation 6. Recommendation 7. Implementation 8. Audit

Where can I find more about Value Engineering ?

The best and most convenient way to learn the technique of Value Engineering and its application, is by becoming a member of
Indian Value Engineering Society (INVEST).
INVEST is a professional society established in October, 1977 and dedicated to the advancement of Value Engineering through
education. This provides a better understanding of the principles, methods and concepts of value technology. INVEST has
members in virtually every state in India. It maintains a network of chapters throughout the country and provides its members
with additional educational opportunities at the local level.
INVEST is affiliated to the Society of American value Engineers (SAVE).

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