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Management of Irrigation and Drainage Infrastructure
Published in Hector M. Malano, Paul J.M. Van Hofwegen, Management of Irrigation and Drainage Systems – A Service Approach, 2018
Hector M. Malano, Paul J.M. Van Hofwegen
Each asset has a specific function to play within the hydraulic control system. When the asset manager is confronted with the problem of making objective decisions about the future of a specific asset, (s)he must do so by taking into account the specific function of the asset, its ability to perform this function and its associated cost. Value engineering (or value analysis) is an objective and systematic tool that can be used in carrying out this analysis. The objective of value engineering is to generate information to enable total cost control anywhere within an asset’s life cycle to perform a specific function. The main objective of value analysis is to achieve the total function of the system at the lowest overall cost. This can only be achieved if objective measures of the value of each function are available (Milne, 1972, Mudge, 1971 and Gaff, 1987)16. The American Society of Value Engineers defines value engineering as “…a systematic application of recognised techniques which identify the function of a product or service, establish a monetary value for that function, and provide the necessary function reliably at the lowest overall cost.”
Executive Summary
Published in Robin Cooper, Regine Slagmulder, Supply Chain Development for the Lean Enterprise, 2017
Robin Cooper, Regine Slagmulder
These systems manage costs in three ways. The first way is to manage the cost of future products, the second is to manage the cost of existing products, and the third is to harness the entrepreneurial spirit of the workforce. Japanese firms have developed three specific cost management techniques to manage the costs of future products: target costing, value engineering, and interorganizational cost management systems. Target costing is a structured approach to determine the cost at which a proposed product with specified functionality and quality must be produced to generate the desired level of profitability over its life cycle when sold at its anticipated selling price. Value engineering is used in the product design stage to find ways to achieve the specified functionality at the required standards of quality and reliability and at the target cost. To achieve the target cost without making sacrifices in product functionality and quality, interorganizational cost management systems are designed to create downward cost pressures on the entire supplier chain. The objective of these interorganizational systems is to identify innovative ways to reduce the cost of the components supplied by the chain.
Pre-construction / RIBA Plan of Work Stages 0–4 / OGC Gateway Stages 1–3C
Published in Duncan Cartlidge, Construction Project Manager’s Pocket Book, 2020
Central to the project manager’s goal of delivering built assets that meet the functional and operational needs of a client are the techniques of value engineering and value management. Originally known as value engineering (VE), the technique was later rebadged as value management; this approach is now widely practiced in both public and private sectors. SAVE (the International Society of American Value Engineers) defines value engineering as:A powerful problem solving tool that can reduce costs while maintaining or improving performance and quality. It is a function-oriented, systematic team approach to providing value in a product or service.
The role of procurement quality controls in procurement performance in the energy sector in Zimbabwe
Published in Cogent Engineering, 2019
Value engineering is a systematic method to improve the value of goods or products and services by using an examination of function (Gou, Liu, & Li, 2011). It is a technique used by procurers in which the value of systems output is optimised by crafting a mix of performance and costs. This procurement quality control practice identifies and removes unnecessary expenditures, thereby increasing the value for the manufacturer and/or their customers.
Relevant data-based approach upon reliable safety factor for pile axial capacity
Published in Marine Georesources & Geotechnology, 2021
Abolfazl Eslami, Sara Heidarie Golafzani
The selection of proper methods leads to a more reliable design and higher resistance factors for the LRFD approach. Indeed, value engineering seeks increasing functionality and quality, along with a cost-cutting strategy. Hence, geotechnical data-based pile design results in a more dependable and cost-effective design pursued considering latent uncertainties.
State-of-the-art review on benefits of applying value engineering for multi-story buildings
Published in Intelligent Buildings International, 2022
Value engineering is a management tool used to achieve the essential functions of a product, service, or project at the lowest cost. Value engineering has become a standard practice for many government agencies and private engineering firms and contractors since its first adoption in the 1950s (Zhang, Mao, and AbouRizk 2009). It is widely used in the construction industry and has become an integral part of the development of many civic projects. The construction industry is still practicing value engineering as it was 50 years ago (Zhang, Mao, and AbouRizk 2009). The Society of American Value Engineers defines value engineering as the systematic application of recognized techniques, the establishment of a value for the function, and reliable provision of the necessary function at the lowest overall cost. Value engineering describes a value study of a project or product that is being developed. The study analyzes the cost of the project as it is being designed. Value analysis describes a value study of a project or product that is already built or designed. The product was analyzed to determine whether it can be improved. VE is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value is the ratio of function to cost. Value can be increased by either improving the function or reducing the cost. It is a primary tenet of VE that basic functions be preserved and not reduced because of pursuing value improvements. In the United States, VE is specifically spelled out in Public Law 104 106, which states, ‘Each executive agency shall establish and maintain cost-effective VE procedures and processes’. VE has for its purpose the efficient identification of unnecessary cost, i.e. a cost that provides neither quality nor use nor life nor appearance nor customer features. It focuses the attention of engineering, manufacturing, and purchasing on one objective – comparable performance for a lower cost. It results in the orderly utilization of low-cost alternative materials, low-cost alternative processes including new processes, and abilities of specialized suppliers to procure items at lower costs. Therefore, we cannot define VE as cutting of cost, but it should be applied during the project life cycle to achieve the value with the cost for the project during the life cycle, as shown in Equation (1) and Equation (2). The formula for value project is:The Value Expression: