Training Course: Value Analysis, Value Engineering & Waste Elimination

Introduction

Course Objectives

• Acquire in-depth knowledge of value engineering.
• Introduce the overview of value engineering consisting of objectives, methodology, and techniques.
• Classify the practical applications of value engineering using the project scope budget, CIAPB and preparation of cost models, planning for value engineering services, function analysis, etc.
• Apply value engineering to products, processes as well as projects.
• Identify and measure the needs that products and processes have to fulfill.
• Identify the solution with the best value for all stakeholders.

Course Outlines

Day 1

Introduction

• The objectives of value engineering.
• The reasons for unnecessary costs.
• When to apply value engineering.
• VE methodology and techniques.
• Interface with other programs.
• Demonstrated impact of VE.

Practical applications project scope and budget

• Elements of the project budget.
• Prevalent budgeting techniques.
• Cost control.
• Defining project scope.
• Parameters and parameter cost.

Day 2

The capitalized income approach to project budgeting (CIAPB)

• CIAPB objectives.
• Measuring property value.
• The meaning of capitalization.
• The capitalization process.
• The need for cost control.

Preparation of cost models

• Making models.
• Construction cost models.
• Other resources.
• Types of models.

Day 3

Planning for value engineering services

• VE objectives.
• Level of effort.
• VE and total project management.
• Team selection.
• The VE job plan.

Function analysis

• Classifying function.
• Defining functions.
• Project level function analysis system techniques (FAST) diagram.

Day 4

Creativity and interpersonal skills

• Creativity and fixation.
• Interpersonal skills.
• Human factors.
• Creativity throughout the job plan.
• The generation of ideas.
• Delphi technique.
• Value engineering – a crafted strategy.

Life cycle costing (LCC)

• Decision-makers impact on LCC.
• LCC and total building costs.
• LCC terminology and examples.
• LCC methodology.
• Application pf LCC to building.

Day 5

Integrating VE into the construction industry

• Planning and design.
• Construction.
• Maintenance and Operations (M&O).

VE applications to risk assessment and analysis

• Risk assessment.
• Risk analysis.