Value Engineering is a function oriented, systematic team approach and study to provide value in a product, system or service. Often, this improvement is focused on cost reduction; however other important areas such as customer perceived quality and performance are also of paramount importance in the value equation.
The module introduces the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage. It covers area of implementation of value engineering and the key person involve – the facilitator. The module concluded with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.
We were assigned into group assignments in this subject whereby we need to conduct a case study on implementing Value Management in the construction industry. After group discussion, we decided to use a factory plan in this project. All members have various different ideas on ways to minimize the cost and maximize the usage of the space. By this, we've learn how to increase the function and quality of building with cost saving by applying VM. VM enhances the customers' satisfaction and sales by determining the exact need and expectation of customers.
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