Level 3 - Dev Row (Value Engineering) Flashcards
You mention you advised on a change of wall finishes to circulation areas on Devonshire row bar fit out – what was the cost saving?
Just over £50k
320m2 circulation walls
Charred - £220/m2
Glazed brick including metal frame backing boards - £380/m2
What were some of the key cost drivers on Devonshire Row - Bar Works?
Internal finishes:
Mirrored steel ‘ripple’ effect ceilings - £270/m2
Stone floor finishes - £685/m2 (£480 after VE)
Bespoke - FF&E
What were the VE items you advised on in the Bar Works Cost Plan?
Rationalizing the Joinery package - moving from bespoke to off the shelf
Replacing Rippled steel ceilings with a more standard finish - £8k
Alternative specification of stone
What is Value Management?
Value Management is the overarching approach to managing value throughout the projects lifespan, and encompasses all value techniques such as value planning and engineering.
What is Value Engineering?
The systematic approach to enhance value by eliminating unnecessary cost while maintaining or improving function.
Its concerned with Maximizing value - Not just reducing Cost
Whats the difference between Value Engineeing and Value Management?
VM - Its a proactive process or approach used to enhance value throughout the projects life.
VE - Often a reactive process to enhance value by eliminating unnecessary cost while maintaining or improving function.
What does value mean to you?
Value is very niche to me!
It would be completely dependent on what the Client is looking achieve. Is the Client focus on time, quality costs.
What was the total cost of the Value Engineering options proposed following the VE workshops at tender stage?
In the tender recommendation report I included a VE section which totaled:
£170k
On Devonshire Row - bar works, what were some of the other VE options following the VE workshops with the Contractors?
Reducing acoustic ceiling spray to 25mm - £3k
WC Marble - alternative specification - £10k
Marble ledges to perimeter to steel - £6k
Alternative microcement floor - £10k
Alternative AV provider - £27k
What is Value Engineering?
VE is maintaining or exceeding the existing quality or value while either maintaining or reducing the overall cost.
Basically having a more efficient design.
You still get everything the client wants, you can increase the budget and have something more expensive you may be able to get a higher sales value and overall profit or if you reduce cost you may find a more efficient product but maintaining the same quality hence not having an impact on sales value.
What did you advise the client on Devonshire Value engineering?
I advised the client to carry out VE exercises during cost planning and Tender stages so we could get input from the contractor
How did you facilitate VE workshops on Devonshire row?
Cost Planning - asking design team members to list value engineering ideas and brainstorming during design meetings
Tender Stages – asking contractors to present additional VE ideas during the mid tender interviews
What was the Saving the Client took on VE items on Devonshire Row?
Following tender period and VE workshops circa £180k VE proposed on schedule
