Course Description
In its broadest sense, value represents the benefits a project provides to the client. Value Engineering (VE) is a structured, innovative approach that helps providers of products, services, or projects proactively collaborate with stakeholders to maximize project value, reduce life-cycle costs, and eliminate unnecessary expenses. VE focuses on optimizing return on investment by managing benefits throughout project planning, procurement, and execution. It allows design teams and organizations to explore and assess alternative ideas and solutions at any project stage, preventing wasted effort and ensuring optimal value that meets client needs. VE is not about choosing the cheapest option but about achieving the best value for money, enhancing productivity, competitiveness, and effectiveness, and fostering innovation.
This Value Engineering Skills training course offers expert guidance on achieving real benefits and cost savings through VE implementation. It emphasizes developing project scope, cost estimates, design solutions, and budgets. In the context of project management, the course significantly improves creative thinking, problem-solving, objective assessment, and informed decision-making skills.
This training course will feature:
The training course involves a practical case study which the delegates will undertake in working groups to build an understanding of the systematic step-by-step VE methodology to support the initiation, planning and application of VE techniques. It covers the following key elements of VE application:
Forming and managing an integrated multi-disciplinary value engineering team
Capturing stakeholders’ requirements and expectations
Performing Function Analysis
Generating alternative solutions through creative thinking techniques
Selecting, presenting and implementing proposals
Understanding cost models and life-cycle costing analysis
What you will achieve
By the end of This training course, participants will be able to:
- Understand the fundamental concepts of Value Engineering and Analysis
- Understand how value engineering supports effective project and product management
- Analyse Functions and involve stakeholders
- Apply creative thinking techniques
- Evaluate and select Best Value proposals
How the course is delivered
This training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes a mixture of speaker input, and interactive group discussion. The focal point of the training course will involve group working on a practical case study which engages delegates in a workshop environment and develops their facilitation skills. Delegates will gain detailed knowledge of VE concepts and techniques by active participation in the exercise/training sessions.
Designed for
This training course is suitable to 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, petro-chemical, healthcare, education legal and public services
Daily programme
- Course Introduction and Post-Course Assessment
- What is value? What is Value Engineering (VE)? Why is it important?
- Defining Value Engineering concepts and principles
- VE Study definition, scope and project phases
- VE team and stakeholders’ analysis and management
- Introducing the case study
- The VE Job Plan
- The Information Phase – steps and procedures
- The need for Function Analysis in projects
- Identifying functions and selecting Function Diagrams
- Function Analysis System Technique (FAST)
- Workshop: FAST Diagram
- Function Cost and Worth
- Finding value mismatches
- Facilitation skills and overcoming creativity blockers
- Creativity and Creative thinking within the project environment
- Data collection and Creativity Output
- Workshop: Brainstorm Case Study Alternatives
- Effective Decision-making in project environment
- Project evaluation methods: Subjective evaluation and quantitative evaluation
- Paired comparison and Analytical Heretical Process (AHP)
- Project life-cycle costing and Net Present Value
- Output of the Evaluation Phase
- Workshop: Cost estimating Techniques
- Selection of alternatives and action planning
- Reporting VE findings to Senior Management and project stakeholders
- Oral presentation techniques & interpersonal skills
- Study Levels of the VE Certification by SAVE International
- Review of VE Case study Reports and Wrap-up discussions
- Post-Course Assessment
Certification & accreditation
BII Certificate of Completion
BII Certificate of Completion Upon successful completion, participants receive a BII Development Institute Certificate of Completion with a unique reference code that is independently verifiable. Our certificates are recognised internationally and reflect successful completion of your chosen programme.
