CE fully embraces and implements the value engineering approach to problem analysis, project design, development and execution set forth and defined in Section 4306 of the National Defense Authorization Act for Fiscal Year 1996, which amended the Office of Federal Procurement Policy Act (41 U.S.C. 401 et seq.) and set forth a requirement that:
“Each executive agency shall establish and maintain cost-effective value engineering procedures and processes”…”As used in this section, the term ‘value engineering’ means an analysis of the functions of a program, project, system, product, item of equipment, building, facility, service, or supply of an executive agency, performed by qualified agency or contractor personnel, directed at improving performance, reliability, quality, safety, and life cycle costs”.
Value Engineering relies heavily on direct collaboration and communication between the client and the design/construction team members to attain the best outcome for the anticipated project – hence the “best value”. This process is ongoing and continues beyond the design phase through construction to completion to assure maximum benefit – “Value” accrues to the client.
In summary, Value Engineering asks three basic questions:
What needs to done? Evaluating the Project Scope
How can it be done? Means/Methods; Constructability Review
Which options add the most value? Time/Functionality/Service Life vs. Cost
For CE – The ultimate measurement of success for a project is the attainment of balance between time, cost and functionality to achieve the best possible “Value” for the client.