Course description
Value engineering is a systematic approach aimed at achieving the desired functions of a product, a process, a system, or a service at minimum overall cost without affecting the quality, reliability, performance and safety. It is neither a glorified suggestion program nor a means of cheapening an item, process, or procedure. It does, however, seek to eliminate unnecessary costs. VE is not about selecting the cheapest option; instead, it is about realizing the best value for money, improving the productivity, competitiveness, and effectiveness of organizations, and stimulating innovation.
This course is designed to provide the participants with expert guidance for securing real benefits and cost savings by implementing VE in their projects with a greater emphasis on the development of project scope, cost estimates, design solutions, and budgets.
The course significantly enhances creative thinking, problem-solving, objective assessment, and informed decision-making skills within the project management context.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Advanced Value Engineering training course is ideal for
- Project Managers
- Operational Excellence Personnel
- Operations Managers
- Asset Managers
- Quality Assurance Personnel.
Outcome / Qualification etc.
At the end of Advanced Value Engineering training course the participants will be able to:
- Understand the fundamental concepts of value engineering and how it supports effective project management by providing a continuous thread of good practice throughout the project development process
- Gather and organize information and cost relevant to key elements of the project
- Learn how to capture and incorporate stakeholders’ input in the development of the project charter and plan
- Critically assess and evaluate the relationships among key attributes such as cost, value, and function
- Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value; and
- Objectively present a convincing case in support of certain project alternatives
Training Course Content
Day 1
Framework for Applying Value Engineering in Projects:
- What is Value?
- What is Value Engineering? Why is it important?
- Defining Value Engineering concepts and principles
- How and when is Value Engineering applied?
- Project stakeholders analysis and management
- Understanding teamwork and cross-functional Project Teams and team player styles
Day 2
The Function Analysis Phase - Expressing Project Functional Needs and Constraints:
- Overview of Different Value Engineering Phases / Job Plan
- The Information Phase – steps and procedures
- The need for Function Analysis in projects
- Developing FAST Diagrams to identify critical project components and perform project value analysis
- Defining project constraints – relationships and trade-offs
- Aspects of Cost Estimating
Day 3
The Creative Phase - Inspiring Creativity in Your Project Team:
- Risk Management
- Relationships between Value, Cost and Worth
- Facilitation skills
- Creativity and Creative thinking within the project environment
- Creativity techniques as applied to optimize project value
- Blocks to creativity within the project team
Day 4
The Evaluation Phase - Making Informed Project Decisions:
- Reaching consensus and leveraging the power of project team collaboration
- Idea selection
- Evaluation methods and value criteria
- Development phase
- Techniques in problem-solving
- Life-cycle costing analysis
Day 5
The Planning and Reporting Phases - Getting Results Through Effective Communication:
- Effective Decision-making in a project environment
- Develop action plans and assign project roles and responsibilities
- Reporting VE findings to Senior Management and project stakeholders
- Integrating VE into the project process and Continuous Improvement and application at project initiation
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...