Value Engineering is a methodology used to maximize the performance and minimize the cost of particular construction options. Value engineering examines and defines the project’s function and then evaluates the different elements of the design solution, their costs and their effectiveness in meeting the functional requirements of the project. Cost analysis and value engineering are particularly effective in identifying unnecessary project features or spotting costs that can be eliminated without affecting the integrity, functionality, or aesthetic appearance of the final project.
UBSE incorporates value engineering into the design and project management process, developing cost-saving alternatives when appropriate, without compromising quality. UBSE will:
- Apply value engineering principles in the review of proposals and construction cost estimates
- Evaluate the method and the source of line-item costs
- Determine if the process or approach to a particular portion of work is not only practical, but also cost effective
- Determine how closely each portion of work meets the specific design objectives
For large or more complex projects, the application of careful cost analysis and value engineering techniques can often result in very significant savings.