Value Engineering (VE)
Value Engineering (VE) is a tool for innovation, problem and risk solving and improving projects by applying the VE job plan and a fresh set of eyes to each project. It is the systematic application of recognized techniques by a multi-disciplined team to improve the value of a project’s design.
When to use this subject
You must have a VE study on any project that has a total project cost estimate (TPCE) of $30 million or more.
How this subject fits into the overall project development process
Per industry best practice, the ideal time to do a VE study is early in the preliminary design phase of a project or near the point in the overall process where design alternatives are being examined and the public involvement is fully engaged. The study must occur after enough engineering has taken place so that there is a sufficient design framework from which to operate, but before significant commitments have been made.