Value engineering

About: Value engineering is a research topic. Over the lifetime, 1231 publications have been published within this topic receiving 10882 citations. The topic is also known as: VE.

Addressing the subjective view of value delivery

Abstract: The construction industry has a limited understanding of its role in creating and delivering customer value. Existing responses to requests for value delivery focus on Value Management and Value Engineering. These approaches do not necessarily consider the subjective nature of the value judgements made by individuals as they experience their built environment. This paper suggests that designers and stakeholders should address the personal, organisational and societies values against which value judgements are formed. A continuous dialogue of value delivery is proposed. The Managing Value Delivery in Design project at Loughborough University is seeking to help both designers and stakeholders express and communicate their values so that subjective value judgements can be anticipated in design development. A “Framework of Value” is presented to illustrate the issues that value delivery should address. The Framework has been synthesised from review of literature and current industrial practice and has been validated by industrial partners. The future work required to broaden the construction industry’s approach to value delivery is outlined.

Artificial Intelligence for Developing Accurate Preliminary Cost Estimates for Composite Flooring Systems of Multi-Storey Buildings

Abstract: In a decision-making study, design alternatives are compared with respect to cost, performance, and reliability, and the best is selected. Often, due to the time constraints imposed by the design s...

Performance-based value engineering application to public highway construction

Abstract: Public works sector programs such as highway construction and infrastructure projects are increasingly being criticized for delivering projects that fail to meet the following objectives: 1) Achieving expected project goals, 2) Achieving project delivery within a reasonable amount of time, or 3) Costs within their budgeted amounts Performance based value engineering methodology can help to find ways to improve solutions to these problems by providing a measured balance in cost, schedule, and scope via the generation of a large quantity of innovative alternatives This requires a motivated team of multi-disciplined professionals in cooperation with well-established project stakeholders who are stimulated and guided by the appropriate process This study shows the performance measurement based value engineering method and process, and case study applications The authors found that the project can significantly save cost and improve performance of project functions by using the appropriate VE process at the appropriate time In addition, this study shows an example of a VE case study that applies the performance measurement process, which led to a very innovative, less expensive way to provide innovative toll plaza modification project Finally, this study summarizes the benefits and effectiveness of the proposed methodology with recommendations

The value of transport information

Abstract: Information value has been mostly discussed in business and information economics. Now, due to the fast development of communication technologies, a new interesting field of research has emerged, transport telematics. The objectives of this research were to identify the attributes affecting the value of transport information, and to specify the valuation methods applied. This study also includes discussion on three case studies concerning transport telematics. A further objective was to identify the relevant information attributes and the feasible assessment methods for each case. The study was carried out at VTT Technical Research Centre of Finland with co-funding from Tekes, the Finnish Funding Agency for Technology and Innovation. The first part of the study, a literature survey resulted in a general framework for information value assessment. This framework can be used when evaluating various transport information to analyse which information characteristics need to be taken into account, and which assessment methods should be applied. This framework can be presented in two tables, where the first one identifies the information quality attributes, and the second one attaches these to the appropriate value assessment methods in each case. The second part of the study deepens the first part by applying the general framework to real-life information by studying three transport information service cases on the basis of available data. In each case, the relevant information value characteristics are identified and the appropriate assessment methods specified. The case studies proved that the evaluation framework was useful for evaluating information value. The evaluation framework was created from the perspective of transport information. Hence, it is most suitable for evaluating the value of information provided by the transport service sector. In addition to the theoretical valuation of information, this framework can, however, be used as a basis for deeper and more detailed investigation, and also in research more empirical than the cases studied here. It is also likely, that the framework could be applied to other kinds of information, but in this case the valuator needs to carefully adapt the framework to suit the type of information in question. This report may be found at http://www.vtt.fi/inf/pdf/tiedotteet/2007/T2394.pdf