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Showing papers on "Value engineering published in 2017"


Book
01 Jan 2017
TL;DR: In this paper, the authors present a case study of a North American value engineering consultancy practice: Smith, Hinchman and Grylls, Washington, 1986, and a proposal for a UK implementation of value management.
Abstract: Introduction. Part 1: Development and principles of North Amercian value engineering. Introduction to value management. North American value engineering prinicples. Part 2: The practice of North American value engineering. North American value engineering practice. North American project case stidies. North American client implementation case studies. A case study of a North American value engineering consultancy practice: Smith, Hinchman and Grylls, Washington, 1986. Part 3: An analysis, critique and evaluation of North American value engineering. A critique of North American value engineering. Project economics and the client value system. Part 4: A proposal for a UK implementation of value management. Functional analysis. Life cycle costing. Group dynamics and team skills. A proposed UK methodology. key issues for practice. References. Index.

110 citations


Journal ArticleDOI
Chansik Park1, Ho-Jun Kim1, Heetaek Park, Jong-Ho Goh1, Akeem Pedro1 
TL;DR: A BIM-based VE Idea Bank is suggested to enable the systematic retrieval of past VE data, and efficient generation of new ideas, and Interim results show that the proposed system has great potential to improve VE study efficiency.

41 citations


Journal ArticleDOI
TL;DR: In this paper, the authors used Value Engineering (VE) methodology to find solutions of the water shortage problem at Canal Tail-End (CT) by collecting information about water shortage at CT, analyze functions of canals, develop creative ideas, assess creative ideas based on evaluation criteria, and develop value alternatives using Life Cycle Cost (LCC) and Net Present Value (NPV).

21 citations


Journal ArticleDOI
TL;DR: A new quality-oriented control approach for Value Engineering based on a discrete quality measure that allows for the mapping of multidimensional dependencies makes it possible to systematically attain insights into the controlled processes and supports decision-oriented management accounting.

17 citations


Proceedings ArticleDOI
14 Nov 2017
TL;DR: This study shows that smart building concept requires higher initial cost, but produces lower operational and maintenance costs, and confirms that benefit-cost ratio on the smart building was much higher than a conventional building.
Abstract: Smart building concept is an implementation of technology developed in the construction industry throughout the world. However, the implementation of this concept is still below expectations due to various obstacles such as higher initial cost than a conventional concept and existing regulation siding with the lowest cost in the tender process. This research aims to develop intelligent building concept using value engineering approach to obtain added value regarding quality, efficiency, and innovation. The research combined quantitative and qualitative approach using questionnaire survey and value engineering method to achieve the research objectives. The research output will show additional functions regarding technology innovation that may increase the value of a building. This study shows that smart building concept requires higher initial cost, but produces lower operational and maintenance costs. Furthermore, it also confirms that benefit-cost ratio on the smart building was much higher than a conventional building, that is 1.99 to 0.88.Smart building concept is an implementation of technology developed in the construction industry throughout the world. However, the implementation of this concept is still below expectations due to various obstacles such as higher initial cost than a conventional concept and existing regulation siding with the lowest cost in the tender process. This research aims to develop intelligent building concept using value engineering approach to obtain added value regarding quality, efficiency, and innovation. The research combined quantitative and qualitative approach using questionnaire survey and value engineering method to achieve the research objectives. The research output will show additional functions regarding technology innovation that may increase the value of a building. This study shows that smart building concept requires higher initial cost, but produces lower operational and maintenance costs. Furthermore, it also confirms that benefit-cost ratio on the smart building was much higher than a conven...

16 citations


Journal ArticleDOI
TL;DR: In this article, the role of a facility manager during building life cycle based on the stages of RIBA Plan of Work 2013 is investigated and position the facilities manager's role during building lifecycle.
Abstract: Purpose Facilities Management (FM) is a dynamic profession, which supports core business functions by creating cost-effective and risk-free built environment aligned with the strategic business directives throughout the building life cycle. This study aims to investigate and position the Facilities Manager’s role during building life cycle based on the stages of RIBA Plan of Work 2013. Design/methodology/approach A literature survey and in-depth interviews with experts were used to investigate the role of a Facilities Manager at the different stages of RIBA Plan of Work 2013. The gathered data were analysed using content analysis technique to explore the role of a Facilities Manager. Findings Research findings assert that advising the Client on cost-effective building expansion options as a vital role of a Facilities Manager at Strategic Definition stage. Further, briefing the Client’s requirement is a foremost undertaking of a Facilities Manager at Preparation and Brief stage. During the Concept Design and Developed Design stages, Facilities Manager plays a key role in value engineering exercises to ensure value for client?s money and also prepares operations and maintenance strategies to be used at the In Use stage. Moreover, Facilities Manager must have a technical training on buildings, services and systems at Handover stage to manage them at the In Use stages. Originality/value The role of a Facilities Manager identified in this study can be used as a guide by the Clients and project teams in obtaining their services during the building life cycle to enhance building performance.

14 citations


Journal ArticleDOI
13 Nov 2017
TL;DR: In this paper, the authors proposed a Lean integrated value engineering (LiVE) approach by establishing the synergy between Lean and Value Engineering (VE) concepts for construction industry, which specify client's value, identify the value stream, make value flow without interruption, let the client pull functional requirements and pursue perfection during value establishment, value analysis of functional requirements, value creativity, value evaluation, value development, value verification and value achievement phases.
Abstract: Purpose Increasing demand for the best value for client’s money necessitates waste reduction while enhancing the project functionality in construction industry. The purpose of this paper is to propose Lean integrated Value Engineering (LiVE) approach by establishing the synergy between Lean and Value Engineering (VE) concepts for construction industry. Design/methodology/approach A literature survey and in-depth un-structured interviews with six subject matter experts in three steps were used to investigate the synergy between Lean principles and VE job plan to develop LiVE approach for the construction industry. The gathered data were analysed using code-based content analysis and the LiVE approach was finally validated using interviews by two additional subject matter experts representing industry and academia. Findings Research findings established that there is a synergy between Lean principles and VE job plan. Accordingly, the study developed a LiVE approach, which specify client’s value, identify the value stream, make value flow without interruption, let the client pull functional requirements and pursue perfection during “value establishment”, “value analysis of functional requirements”, “value creativity”, “value evaluation”, “value development”, “value verification” and “value achievement” phases. Originality/value The novel LiVE approach will guide construction industry practitioners on how to integrate Lean concept with VE in order to reduce unnecessary costs and wastes, to enhance project functionality and ultimately to achieve value for client’s money.

14 citations


Journal ArticleDOI
TL;DR: In this paper, the authors presented a practical model for the implementation and application of value engineering process in a construction project located in a special region (in terms of tourism, positioning in an economic growth path, and the East-West strategic axis of the region).
Abstract: Purpose Road construction projects are one of the strategic industries in each country and their construction and development requires spending huge funds. Regarding the increased demand and resource constraints; a technique which reduces costs by maintaining and improving the functioning is of great importance for the authorities of each country. Value engineering is a comprehensive and coherent means based on innovation and team work which, in addition to maintaining the quality and improving the project function, reduces its cost and is not limited to the design and construction phase; however, it includes exploitation and maintenance as well. This study aims to present a practical model for the implementation and application of value engineering process in a construction project located in a special region (in terms of tourism, positioning in an economic growth path, and the East-West strategic axis of the region). In this regard, after reviewing the advisor's design, considering the interests of the project stakeholders, reviewing design criteria and assessment methods and with the use of value engineering techniques, a new option was presented which led to a significant reduction in costs and time and an increase of quality, safety, and environmental factors. Finally, including initial costs, repair, maintenance, income and expenses, the relative value index of this option, compared to the advisor's option, increased from 0.9 to 3.5. Based on the increased need for development of roads in the country, exploiting this model in similar projects can significantly improve the project value and the effectiveness of investments. Design/methodology/approach This research project was selected with regard to the extremely high credit of the project and its potential in terms of Value Engineering implementation. In this study, technical and financial information were first collected after forming a value engineering team including a value engineering expert who was responsible for coordinating the work, some representatives of the employer, designer, executor, and budget estimator. In functional analysis phase with the use of FAST graph, advantageous, costly, and risky functions were identified. In the creativity phase, ideas related to selected functions were created and investigated and developed in the evaluation phase. Finally, calculating the value index, two variants with higher value index than the baseline plan, were proposed and implemented. Findings Since the determining criteria of designing and implementation of road construction projects including increased safety, reduced travel time, user satisfaction, ease of implementation, cost of construction and maintenance and so on are almost similar in most projects, using this study results and implementing its practical framework in other construction projects can be beneficial. These parameters lead to an increase in quality, value, and safety of the project. With regard to done steps and resulted incomes, this essay can be known as a practical and theoretical model to promote the value of crucial projects especially in developing countries. Research limitations/implications Sanandaj-Hamedan road with the length 176km connects central provinces of Iran. This study is regarding the first part of this route. Based on the specific topography of the region and the existing road limitations, selecting a good variance with all the features of an ideal road from geometric, economic, and safety aspects is a difficult task. Originality/value Employers and project sponsors are always looking for products with greater value and lower cost; therefore, present a practical model for the implementation and application of value engineering process in a construction project and providing a similar work experience can encourage the use of value engineering techniques and significantly improve the project value and the effectiveness of investments.

10 citations


Proceedings ArticleDOI
06 Apr 2017

10 citations


Journal ArticleDOI
TL;DR: This article presents a methodology involving the concurrent execution of failure mode and effects analysis and value engineering, assisted by a set of hierarchical functional analysis diagram models, along with the outcomes of a pilot application in a UK-based manufacturing small and medium enterprise.
Abstract: Failure mode and effects analysis and value engineering are well-established methods in the manufacturing industry, commonly applied to optimize product reliability and cost, respectively. Both pro...

9 citations


Journal ArticleDOI
01 Jul 2017
TL;DR: In this article, the authors used value engineering method to optimize building construction performance towards green building premium cost, achieving green building rating tools with optimizing life cycle cost, and finding out that construction performance optimization affected green building achievement with increasing energy and water efficiency factors and life-cycle cost effectively especially chosen green building fixture.
Abstract: Green building concept becomes important in current building life cycle to mitigate environment issues. The purpose of this paper is to optimize building construction performance towards green building premium cost, achieving green building rating tools with optimizing life cycle cost. Therefore, this study helps building stakeholder determining building fixture to achieve green building certification target. Empirically the paper collects data of green building in the Indonesian construction industry such as green building fixture, initial cost, operational and maintenance cost, and certification score achievement. After that, using value engineering method optimized green building fixture based on building function and cost aspects. Findings indicate that construction performance optimization affected green building achievement with increasing energy and water efficiency factors and life cycle cost effectively especially chosen green building fixture.

Journal ArticleDOI
TL;DR: In this article, the authors developed an assessment model for customer value based on the idea of value engineering and the perspective of product life cycle, and explored the relationship between product value and the total cost of ownership with an evaluation of their time variation.
Abstract: Rapid economic growth in recent years has transformed our lifestyle to massively produce, consume, and dispose of products, especially for consumer electronics. This change has put great threat to our environment and caused natural resource depletion. Moreover, short product life cycles and quick replacements of consumer electronics create enormous electronic wastes (e-wastes). Without proper waste management, immense environmental damage is expected. In this empirical study, we notice that lots of valuable materials that can still be recycled from these used consumer electronics are left unused at home instead of being recycled at the appropriate time, which causes a low collection rate and a decrease in residual value for the used products. Therefore, it is important for the government and the recyclers to handle them efficiently by increasing the used product take-back rate. Our study develops an assessment model for customer value based on the idea of value engineering and the perspective of product life cycle. We also explore the relationship between product value and the total cost of ownership with an evaluation of their time variation, considering different usage modes for various consumer groups and different recycling award schemes (fixed and variable recycling awards). Proper take-back management is likely to create a win-win situation both for consumers and environmental protection. This study regards the notebook computer as an example to determine the optimal time for recycling laptops based on usage patterns and provides consumers a reference for when to replace their used product. The results from our modeling firstly clearly indicate that consumers with higher frequency of usage have shorter take back times and higher maximum consumer value. Secondly, a variable recycling award scheme with higher maximum consumer value is more practical than a fixed recycling award scheme.

Journal ArticleDOI
TL;DR: In this paper, a questionnaire survey was conducted for Tamilnadu State, India, which mainly focused on how effectively value engineering is applied in construction industry and how much the employees are aware of the concept of value engineering and its effectiveness.
Abstract: Value Engineering (VE) is a function-oriented technique that has proven to be an effective management tool for achieving improved design, construction, and cost-effectiveness in various transportation program elements. Value Engineering is one of the most effective techniques known to identify and eliminate unnecessary costs in product design, testing, manufacturing, construction, operations, maintenance, data, procedures and practices. In this study, a questionnaire survey was conducted for Tamilnadu State, India. The questionnaire survey mainly focuses on how effectively value engineering is applied in construction industry and how much the employees are aware of the concept of value engineering and its effectiveness. It is observed that at the initial stage the employees have very good awareness and in due course of project the awareness has gradually reduced. It is concluded that 20 percentage of them are not following specific procedure for implementing value Engineering and remaining 80 percentage following Value Engineering. Keywords—Value Engineering, Construction Projects, Cost Saving, Effeciveness

Journal ArticleDOI
TL;DR: It was shown that quality of project result almost reached its maximum within several consecutive sessions of model application model, and balanced decision making in terms of availability of various competing priorities of all stakeholders was allowed.
Abstract: The model, which effectively contributes to creation of maximum reasonable value of construction projects, was proposed. The proposed system is characterized by the fact that due to its convenient coherence, it adjusts the influence of its separate methods (elements) on project value in a cumulative manner. The need for such a model was driven by global challenges, such as necessity to reduce greenhouse gas emissions and to increase power efficiency of satisfaction of social needs. Characteristic feature of the proposed model is that it is composed of six interacting components, which collectively are self-sufficient for efficient engineering and management of construction projects. This concept is presented in the form of a "crystal" of cumulative application of three pairs of methods. The first pair includes value engineering and building information model. The second pair includes "benefits-costs" analysis and the theory of dynamics of project value. The third pair includes profiling of contract systems and pricing strategies. Each element of the proposed model, playing its natural role, coherently complements and reinforces its other elements. This model allows balanced decision making in terms of availability of various competing priorities of all stakeholders. The key priority of the cumulative model is preventive reaction to potential problems in the course of project implementation. It was established that the aforementioned pairs of methods and the model in general bring convenient and efficient synergy to architecture, engineering and management of construction projects. The synergy, which is a basic feature of the proposed model, provides a presence of two characteristics at the same time: complete coverage of project tasks that are solved and convenient compactness. It is the main advantage of the Crystal model of value management. Dynamics of usefulness and value of the project of office center construction within several consecutive sessions of model application model was calculated, it was shown that quality of project result almost reached its maximum. It demonstrates feasibility of further research in this direction and expansion of a range of projects of model application

Journal ArticleDOI
TL;DR: In this article, a fuzzy decision-making model based on an analytic hierarchy process (AHP) is used to identify those factors which influence value engineering study results, and five linguistic ranks were used to describe the degree of project performance.
Abstract: Value engineering (VE) has been widely applied in project innovation fields. Theoretically, VE implementation should improve efficiency, but improper VE implementation timing, poor communication or cooperation, insufficient budget, etc., often mean that this is not the case for many construction projects. This study considers several factors, including key factor index, value engineering study performance, and stakeholder satisfaction in order to evaluate the performance of a VE project. A fuzzy decision-making model based on an analytic hierarchy process (AHP) is used to identify those factors which influence value engineering study results. Five linguistic ranks: very high, high, medium, low, and very low, were used to describe the degree of project performance. The results yield performance evaluation scores for the Shangyi International Airport in Kinmen, Taiwan VE project of between high, with a confidence of 57.4%, and very high, with a confidence of 4.5%.

Proceedings ArticleDOI
04 Jan 2017
TL;DR: The Eco-ARCH approach is most suitable for the big data context where system boundaries are fluid, requirements are ill-defined, many stakeholders are unknown, design goals are not provided, no central architecture pre-exists, system behavior is non-deterministic and continuously evolving, and co-creation with consumers and prosumers is essential to achieving innovation goals.
Abstract: Big data value engineering for business model innovation requires a drastically different approach as compared with methods for engineering value under existing business models. Taking a Design Science approach, we conducted an exploratory study to formulate the requirements for a method to aid in engineering value via innovation. We then developed a method, called Eco-ARCH (EcoARCHitecture) for value discovery. This method is tightly integrated with the BDD (Big Data Design) method for value realization, to form a big data value engineering methodology for addressing these requirements. The Eco-ARCH approach is most suitable for the big data context where system boundaries are fluid, requirements are ill-defined, many stakeholders are unknown, design goals are not provided, no central architecture pre-exists, system behavior is non-deterministic and continuously evolving, and co-creation with consumers and prosumers is essential to achieving innovation goals. The method was empirically validated in collaboration with an IT service company in the Electric Power industry.

Journal ArticleDOI
TL;DR: In this article, the authors present an approach that serve as a decision support whereby expert's knowledge can directly be integrated by using a delphiround, which facilitates the first step for a detailed lifecycle cost analysis of infrastructures by supporting experts and non-expert decision makers to get a quicker overview on system benefits.



Journal ArticleDOI
TL;DR: Through introducing the Motivation-Hygiene Theory to function evaluation link of value engineering, the functions are classified into hygiene and incentive, and the linear sum of the total function evaluation is evaluated to judge the value.
Abstract: Determined by the nature of the mechanical product, there is plenty of room for the application of value engineering in the design process However, the application of value engineering is too theoretical, and practical guiding significance has great limitations In this paper, through introducing the Motivation-Hygiene Theory to function evaluation link of value engineering, we classify the functions into hygiene and incentive, evaluate and get the linear sum of the total function evaluation Then judge the value Finally, the example of an enterprise is described to fully verify its validity

10 Dec 2017
TL;DR: It is confirmed that the World Health Organization has approved the use of nanofiltration membranes for the recovery of phosphorous-contaminated wastewater from the Mediterranean Sea.
Abstract: هديكچ هب شزرا يسدنهم لاـس ،ييارگدركراـك و تـيقلاخ هـياپ رـب لئاسم لح يارب يوق يرازبا ناونع رد هـك تـساه هژورپ يم رارق هدافتسا دروم ينارمع ياه لاس نيا رد و دريگ هـب ار دوـخ دياوف هتسناوت اه اـضعا يماـمت نـيا ي نيااب دنك تابثا تعنص هرـهب حطـس شيازـفا و اـقترا تـيلباق اـهرازبا رياس دننام زين رازبا نيا لاح .دراد ار يرو زا سـپ ساـسا نـيا رـب ،تـسا كـسير تيريدم و شزرا يسدنهم زا يقيفلت يبوچراچ هئارا لابند هب قيقحت نيا لدم يياسانش لدم ،هزوح ود نيا رد دوجوم ياه عنـص اـب هك يياه تخاـس ت ،دـنراد يرتـشيب طاـبترا زاـس و هديزگرب لدم ناگربخ رظن زا هدافتسا اب و زا هدافتـسا اـب ناـگربخ سپـس ،دندـش باـختنا قيفلت يارب رترب ياه ماگ يارب يفلد شور قـبطنم زا سـپ بوچراـچ نـيا .دنديـسر عامجا هب بوچراچ نيا ياه يزاـس رد مزلا ياـه هب يناريتشك و ردانب نامزاس ناونع تحـص هداـيپ يجنـس دـنور بوچراـچ نـيا زا هدافتـسا اـب .دـيدرگ يزاـس فارـشا هژورـپ ياـياوز ماـمت رـب هك يناگربخ رظن زا هدافتسا اب كسير تيريدم و تفاي دوبهب شزرا يسدنهم .دش ييارجا رتمك نامز و هنيزه فرص اب ،يزاف قطنم ساسارب و حطس ود رد ،دنراد

Journal ArticleDOI
TL;DR: In this article, the linkages between target costing and value engineering and expected profit and Kaizen were studied. And the factors discussed in the implementation of this method were considered to be controlled, as the newest and most accurate method of target costing strategy can be very effective on corporate profitability.
Abstract: Target costing is a pricing method used by firms. It is defined as "a cost management tool for reducing the overall cost of a product over its entire life-cycle with the help of production, engineering, research and design". A target cost is the maximum amount of cost that can be incurred on a product and with it the firm can still earn the required profit margin from that product at a particular selling price. In this article, financial expertise of thousands of teachers the period 2011-2012 was used to study the linkages between Target costing and Value Engineering and Expected profit and Kaizen. As the newest and most accurate method of target costing strategy can be very effective on corporate profitability and the factors discussed in the implementation of this method was considered to be controlled.


Journal Article
TL;DR: In this article, the Value Engineering Methodology (VE) has been used to reduce the capital and operational costs and simplify the process of manufacturing and usability by regular farmers in the country of Kuwait.
Abstract: Researchers are responding to the environmental challenges of Kuwait in localized, innovative, effective and economic ways. One of the vital and significant examples of the natural challenges is lack or water and desertification. In this research, the project team focuses on redesigning a prototype, using Value Engineering Methodology, which would provide similar functionalities to the well-known technology of Waterboxx kits while reducing the capital and operational costs and simplifying the process of manufacturing and usability by regular farmers. The design employs used tires and recycled plastic sheets as raw materials. Hence, this approach is going to help not just fighting desertification but also helping in getting rid of ever growing huge tire dumpsters in Kuwait, as well as helping in avoiding hazards of tire fires yielding in a safer and friendlier environment. Several alternatives for implementing the prototype have been considered. The best alternative in terms of value has been selected after thorough Function Analysis System Technique (FAST) exercise has been developed. A prototype has been fabricated and tested in a controlled simulated lab environment that is being followed by real environment field testing. Water and soil analysis conducted on the site of the experiment to cross compare between the composition of the soil before and after the experiment to insure that the prototype being tested is actually going to be environment safe. Experimentation shows that the design was equally as effective as, and may exceed, the original design with significant savings in cost. An estimated total cost reduction using the VE approach of 43.84% over the original design. This cost reduction does not consider the intangible costs of environmental issue of waste recycling which many further intensify the total savings of using the alternative VE design. This case study shows that Value Engineering Methodology can be an important tool in innovating new designs for reducing costs. Keywords—Desertification, functional analysis, scrap tires, value engineering, waste recycling, water irrigation rationing.

Journal ArticleDOI
TL;DR: In this paper, the authors investigated the number of value engineering published articles since 2000 until 2015, in any journals of all the subject categories of the Science Citation Index compiled by Institute for Scientific Information (ISI), web of science and Scopus, 'value engineering', 'value analysis' and 'value management' were used as keywords to search part of titles.
Abstract: As another administration strategy, value engineering is a successful approach to reducing expenses while enhancing execution and quality necessities In the past several decades, great steps have been made in this field This review investigates number of value engineering published articles since 2000 until 2015, in any journals of all the subject categories of the Science Citation Index compiled by Institute for Scientific Information (ISI), web of science and Scopus, 'value engineering', 'value engineering analysis' and 'value management' were used as keywords to search part of titles The published output analysis showed that value engineering research steadily increased over the past 15 years The considered paper numbers in this study is more than 800, which have been published from 2000 to 2015 The two leading countries in this field are USA and China The quantitative and qualitative investigation techniques were utilised to assess this work Our analysis of this paper provides useful insight on the value engineering literature and could aid the creation and accumulation of knowledge in this scope It is hoped that the review could be a good resource for anyone who is interested in value engineering research and also help to stimulate further interest in this area

Journal ArticleDOI
TL;DR: In this paper, the authors used expert survey method and statistical data processing, in particular, correlation analysis and multiple regression analysis, to identify the most important non-financial bank value drivers.

Proceedings ArticleDOI
TL;DR: In this paper, a case study has been conducted mainly focusing on the fuel tank neck locking mechanism for selected concept evaluation based upon decision matrix and paired comparison for reduced inventory at supplier end, reduced process cost and end Customer satisfaction.
Abstract: This paper presents automotive product life cycle cost analysis & optimization through Value Engineering and Value Analysis Techniques. In India, automotive market is getting dynamic due to increased competition, entry of automotive giants, globalization, product pricing, etc. To sustain these factors, one has to come up with strategic way and focus must be given on defining product worth, functions, features, customer need, quality and identifying & minimizing the wastages during the product design & development process. This paper focuses on the value engineering and analysis techniques for optimizing the design and development cost through elimination of non-value adding processes and activities and also focuses on the VAVE principles can be effectively applied. VE is highly versatile and may be applied for cost improvements in practically all spheres like products, process, services and systems. A case study has been conducted mainly focusing on the fuel tank neck locking mechanism for selected concept evaluation based upon decision matrix & paired comparison for reduced inventory at supplier end, reduced process cost and end Customer satisfaction.

Book ChapterDOI
01 Jan 2017
TL;DR: The concept of value management was introduced to compare alternative materials in order to arrive at the one that provides the best function at the lowest possible overall cost as mentioned in this paper, which has since gained popularity in other sectors, including the construction industry.
Abstract: The concept of value management was introduced to compare alternative materials in order to arrive at the one that provides the best function at the lowest possible overall cost. This chapter discusses the initial introduction of the concept to the manufacturing industry but indicates that it has since gained popularity in other sectors, including the construction industry. Owing to the varying knowledge and different levels of perceptions of the essence and principles of operation of the practice, various terms were attributed to the discipline but the most common and all-encompassing one is that of ‘value management’. As beneficial as the practice has been in countries and projects where it has been adopted, there are some risks that required attention to achieve the purpose for which it was conceived. The risks, as well as direct and indirect costs of conducting the exercise, are also identified and discussed in this chapter.

Posted Content
01 Jan 2017
TL;DR: In this paper, the authors investigated the concepts value analysis and value engineering, and their relationship with cost savings among selected manufacturing companies that specialize in the manufacture of plastic, steel, metal products, and soft drink manufacturers in Kano state, North west Nigeria.
Abstract: The study investigated the concepts value analysis and value engineering, and their relationship with cost savings among selected manufacturing companies that specialize in the manufacture of plastic, steel, metal products, and soft drink manufacturers in Kano state, North west Nigeria. The study employed the use of primary data where one hundred and ten questionnaires were distributed randomly to employees of nine (9) selected companies at Tokarawa, Sharada, Bompai and Zaria Road all within the metropolis in Kano state. Purposive sampling technique was used to select employees in the production, design, maintenance and engineering, marketing, supply and warehouse departments who have worked for their companies for a period of three years. Secondary data from books and journals were employed to review literature. The study found that at 95% level of significance, sig value (0.173) ? ?=0.05 this reveals an insignificant relationship between value analysis, value engineering and cost savings among the selected companies in Kano state North west Nigeria, leading to the acceptance of the null hypothesis of no significant relationship between the independent and the dependent variable. The study also found very low levels of awareness about the two concepts among manufacturers in Kano state, North West, Nigeria. The paper concluded that the concepts if properly applied would enhance cost savings in manufacturing companies and recommends the adoption of the two concepts by local manufacturers in their efforts to reduce cost(s) and remain competitive in the volatile business environment especially with the challenges of the global economic meltdown.

01 Nov 2017
TL;DR: In this article, a critical literature review of value engineering in building construction projects is explained, in order to reach out better quality with lower cost, in which the authors found that the benefit of VE is much greater if multidisciplinary teams of engineers were involved.
Abstract: The current construction practices require a great effort to balance the factors such as money, time and quality. Value Engineering is a proven management technique that can make valuable contributions to value enhancement and cost reduction in construction industry. Many a time, Value Engineering (VE) is confused with cost cutting exercises in construction industry. The essential difference between conventional cost cutting and VE is that it involves reducing the cost by improving the functionality through lesser consumption of energy in terms of manpower, materials, and machines. However, it was found that the benefit of VE is much greater if multidisciplinary teams of engineers were involved which would also influence the design team that is normally the case in construction. Value Engineering is one of the most effective techniques to identify and eliminate unnecessary costs in building design, construction, operations, maintenance. The methodology is composed of three main stages, Pre-Study of the Value Engineering, value engineering job plan, and post study of the value engineering. In this critical literature review, how the principles of Value Engineering are applied in building construction projects is explained, in order to reach out better quality with lower cost. IndexTerms Value Engineering, Value Analysis, Job Plan, Building Construction Project, Cost. ________________________________________________________________________________________________________