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.

An improved model for production systems with mixed queuing priorities: an integrated simulation, AHP and Value Engineering approach

Abstract: The objective of this study was to provide a scheduling solution for the mixed priority queues discipline. This simulation model integrates Analytic Hierarchy Process (AHP) and Value Engineering (VE) for modelling and assessment of complex production systems with mixed queue priorities and service discipline. In such systems, the arriving entity will be placed in the queue according to the spectrum of similar properties; this spectrum is arranged according to the entity currently being serviced. In addition, each machine is only allowed to service identical products up to a limited period and the service turn over moves clockwise.

Designing for ROI: toward a value-driven discipline for e-commerce systems design

Abstract: E-business management is an on-going process of understanding consumer needs and developing online solutions to meet those needs. To be effective in today's competitive environment of e-commerce, e-businesses cannot afford to neglect justifying the return on investment (ROI) of their online operations. Ideally, companies would like to understand how users are using their Web site and how this translates into value creation (or value leakage) so that online solutions can be implemented to increase business performance. However, the current situation is that such value-driven management is not possible due to the lack of tools and methods that can provide a clear link between systems design and business performance. This paper presents a value-driven systems design methodology for e-commerce Web sites. The focus of our methodology is on identifying value-creating opportunities and value-diminishing problems through the analysis of actual customer Web site usage behaviors through Web usage mining. The identification of value-creating opportunities and value-diminishing problems enables us to plan for designing additional Web site features and for redesigning existing functionalities to increase business performance and maximize design ROI.

Characteristics for Leveraging Value Management Processes on Capital Facility Projects

Abstract: A more competitive business environment requires that a variety of value management process VMP options be continuously introduced into the construction industry. Project stakeholders and managers are highly concerned about value maximization through implementation of one or more beneficial VMP options. The objective of this study is to identify the most leveraging project characteristic factors PCFs in need of VMP implementation. Furthermore, the levels of importance of each PCF in association with the optional VMPs are quantified to effectively assess the applicability of VMP implementation using the fuzzy-based analytic hierarchy process method. Four real-case validation tests provide robust research findings. The proposed project assessment tool is useful in evaluating individual projects in terms of whether the subject project is leveraged or has much to be improved by implementing the optional VMPs. The results of this study can facilitate a rigorous evaluation of a project and eventually help the decision-making process in selecting the most beneficial VMP options to maximize the optimum project value.

Schedules Optimization with the Use of Value Engineering and NPV Maximization

Abstract: Construction program, spatial, architectural, and structural decisions taken in the early stages of a project have a significant impact on meeting the goals and needs of the client. The use of principles and methods of value management allows for an in-depth analysis of the project assumptions from the investor’s perspective and leads to the best ratio of the project’s utility value/sustainability to the price of its implementation. However, analysis of literature sources allows to state that optimization of the economic value of the project takes place only in the preimplementation phase of the project. This paper presents the original concept of combining issues of construction project’s utility and economic value optimization. The model enables the maximization of the utility value of the subject of the project, taking into account its economic parameters. To support the implementation of the model, a schedule optimization procedure was developed using metaheuristic algorithm. The model was demonstrated on the basis of a case study. The presented proprietary approach to optimize the construction schedule taking into account the economic and sustainability of a construction project can be used in “design and build” projects, with particular emphasis on projects managed in the sustainable Project Management system.

Problems in the Interface Between Mechanical Design and Construction: A Research Proposal

Abstract: As construction projects emerge from the traditional delivery processes to modern fast-track forms, stress has developed in the interface between the design professional's delivery process and effective construction production. This is no greater evidenced than at the specialty contractor level. The current attempts at fast-track team type projects remain largely a time-compressed form of the traditional processes with respect to the design-construct production flow. While many of these projects are comprised of a pre-selected "team" of design and construction firms, in most cases the role of the specialty contractor is limited to pricing exercises and perhaps some traditional "value engineering" suggestions during the design phases. Substantial improvements in production workflow, if any, have been generally limited to the area of cooperative construction activity sequencing and scheduling. Problems arising from this situation are illustrated and research is proposed for testing possible solutions.