Course description
Value Engineering is valuable in identifying the barriers in the project area early and areas for improvement. Using a team approach to this planning stage allows every party to communicate their concerns, ideas, and issues, allowing for suitable materials, resources, budget, and schedule.VE will improve the performance, profitability, quality and risk levels of the client organisation and the whole project team.
This Value Engineering (VE) course is a creative, organized approach which engages project stakeholders to define their business or performance requirements, maximises creativity and innovation to identify best value solutions, enabling more robust, effective decision-making during project planning, procurement and execution and through focusing on performance requirements and avoiding abortive work.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
This course is suitable for a wide range of professionals but will greatly benefit:
- Anyone involved in project initiation, engineering design, and critical assessment of projects
- All those responsible for making significant decisions concerning plans and budgets for large and complex projects
- Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers and Project Staff
- All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petrochemical, healthcare, education, legal and public services
Outcome / Qualification etc.
By the end of this course, participants will be able to:
- Identify value mismatches through the ratio of whole-life costing
- Capture & incorporate stakeholders’ input in the development of the project charter & plan
- Add value to stakeholders thru best-value decisions based on the balance of value criteria & resources
- Know the fundamental concepts of Value Engineering and Analysis
- Identify alternative recommendations to the management which will improve value effectively
Training Course Content
Day 1
Framework for Applying Value Engineering in Projects
- Defining Value and Value Engineering concepts and principles
- How and when is Value Engineering applied?
- Project definition through stakeholder analysis and management
- Team player styles
- Identifying relationships between Value, Cost and Worth
- Overview of Different Value Engineering Phases
Day 2
The Function Analysis Phase - Expressing Project Functional Needs and Constraints
- The Information Phase – steps and procedures
- Developing Value Engineering Job Plan
- Defining project constraints
- What is function analysis and Function-Cost-Worth Analysis
- Developing FAST Diagrams to identify critical project components
- Cross-Functional Project Team Approach
Day 3
The Creative Phase - Inspiring Creativity in Your Project Team
- Creativity and Creative thinking within the project environment
- Creative thinking techniques
- Reaching consensus and leveraging the power of project team collaboration
- Project risk perception and identification
- Identifying priorities through paired comparison
- Output of the Creative Phase
Day 4
The Evaluation Phase -Making Informed Project Decisions
- Project evaluation methods
- Performing project risk and scenario analyses
- Lifecycle costing techniques
- Incremental benefit-cost analysis for project evaluation
- Effective Decision-making in project environment
- Output of the Evaluation Phase
Day 5
The Planning and Reporting Phases -Getting Results through Effective Communication
- Develop and assess VE proposals to optimize project value
- Action planning roles and responsibilities
- Reporting VE findings to Senior Management and project stakeholders
- Incorporating VE into the early project phases
- Integrating VE with Continuous Improvement Techniques
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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,...