Showing papers on "Value engineering published in 1977"

The Professional CM Team Discovers Value Engineering

Abstract: This paper reviews and summarizes the state-of-the-art of traditional value analysis and value engineering methods as developed and utilized by a number of practitioners and agencies on public works. While significant savings have been achieved in the public sector, the value engineering concept has achieved less widespread acceptance in the private domain. The three-party Professional Construction Management concept has facilitated the development of a simplified program based upon the elimination of adversary relationships often present in the private sector along with the utilization of the original designer to analyze the technical acceptability of proposed Value Engineering savings. The simplified approach has produced significant savings on a number of projects and offers promise for increased utilization on design-construct and turnkey projects as well.

Value engineering--what it is

Abstract: Value engineering is defined, the various value techniques are described, and their applications are discussed. The techniques involve a systematic analysis of the function of a product, process, or service, establishing a value for that function and providing the necessary function at the lowest possible cost. Functional analysis, a most useful value technique, attempts to answer the questions: What does it do? What is it and how do we cost-reduce this design? A visual representation of this is presented in the FAST (Functional Analysis Systems Technique) diagram. This first analysis is followed by "Brainstorming" (the presentation of functional alternatives), which is followed by feasibility (weeding out of alternatives), consultation (alternatives are checked with outside experts), analysis matrix (rating by weighted criteria), and the life cycle cost comparison.

Resource Allocation: Value Functions and the Marginal Value Theorem.

Abstract: : This paper details how to use value functions to determine which method of allocating limited resources among several activities will yield the maximum amount of obtained value to the decision maker. In addition, it introduces a model from the ecological literature for use when the value of investing in new units of an activity decreases as a function of the number of units already invested in. (Author)