Level 1 - Value Engineering / Management

Question 1

What is value engineering?

Answer 1

The systematic approach to enhance value by eliminating unnecessary cost while maintaining or improving function.

Its concerned with Maximizing value - Not just reducing Cost

Question 2

What is value management?

Answer 2

Value Management is the overarching approach to managing value throughout the projects lifespan,

Question 3

Whats the difference between Value Engineering and Value Management?

Answer 3

• 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.

Question 4

Whats the difference between Value Management and Value Engineering?

Answer 4

VE - is more Re-active
VM - is more Pro-active

VM value management starts earlier in the process, looking at the scheme as a whole, the whole efficiency and what type of function your trying to get to, and how to get there more efficiently

VE, typically, delves into more detail and look at things like finishes or more efficient ways to achieve certain values