|About Value Engineering|
The Value Methodology (VM) is a systematic and structured approach for improving projects, products and processes. VM, which is also known as value engineering, is used to analyze and improve manufacturing products and processes, design and construction projects, and business and administrative processes.
VM helps achieve an optimum balance between function, performance, quality, safety and cost. The proper balance results in the maximum value for the project.
Value is the reliable performance of functions to meet customer needs at the lowest overall cost and it can be calculated like this:
Value = Function/Cost
Function is what the product or service is supposed to do.
Cost is the expenditure needed to create it.
The VM follows SAVE International®’s standard job plan, which consists of six phases:
The best results are achieved by a multi-disciplined team with experience and expertise relevant to the project being studied. A Certified Value Specialist® (CVS) usually leads the team to ensure the VM is properly followed.
Enhancing Value in Your Company
VM is embraced by businesses, industries and government agencies around the globe. Building designers and contractors, automobile manufacturers, chemical and pharmaceutical companies and national, regional and local governments all use the process regularly. The benefits they achieve using VM far outweigh the investments as reduced time and cost, and increased quality contribute to corporate success and taxpayer value.
Where Do I Learn More About the Value Methodology?
The best and most convenient way to learn the techniques of VM, their application and their management is as a member of SAVE. Your SAVE membership gives you opportunities for career growth, professional development, information, contacts, new ideas, involvement and recognition. All this lays the foundation for your greater career success!
You can also view SAVE’s collection of "Knowledge Nuggets" which are micro-learning videos on Value Engineering related topics.