Target Value Design definition

Target Value Design is a design discipline that requires project values, cost, schedule, and constructability to be basic components of the design criteria, and uses cost targets to drive innovation in designing a project to provide optimum value to an owner. Target Value Design uses constructability and cost information from the Risk/Reward Team before design decisions are made to allow the design to progress within the Target Cost and Contract Time.

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Target Value Design process for the Project shall comply with the definition and requirements then in effect of the Lean Construction Institute, as may be amended during the Project.

Target Value Design or “TVD” is a design methodology that requires Project values, cost, quality, schedule, and constructability to be basic components of the design criteria, and uses cost targets to drive innovation in designing a project that provides optimum value to Owner.

Examples of Target Value Design in a sentence

• Target Value Design is a design discipline that requires project values, cost, schedule, and constructability to be basic components of the design criteria, and that uses cost targets to drive innovation in designing a project to provide optimum value to the Owner.

• The cost estimate shall be in the format of a Target Value Design cost model (hereinafter, “cost model”) provided in Attachment J of this Agreement.

• The “Design Tracking Model” column will be tracked against the “Established Target Value Model” column to ensure preliminary design is progressing in a manner that is consistent with the Target Value Design goals established at the beginning of the Project.

• The Target Value Design goals are defined at the onset of the Project, continuously reinforced by Architect, Owner, and Contractor for the duration of the Project, and used to guide the design process to a successful conclusion.

• Architect shall utilize Target Value Design throughout the design process to ensure design decisions are made within the context of cost and value to the Owner.

• Engineer shall utilize Target Value Design throughout the design process to ensure design decisions are made within the context of cost and value to the Owner.

• The “Design Tracking Model” column will be tracked against the “Established Target Value Model” column to ensure the Construction Documents are progressing in a manner that is consistent with the Target Value Design goals established at the beginning of the Project.

• The Target Value Design goals are defined at the onset of the Project, continuously reinforced by Engineer, Owner, and Contractor for the duration of the Project, and used to guide the design process to a successful conclusion.

• The “Design Tracking Model” column will be tracked against the “Established Target Value Model” column to ensure schematic design is progressing in a manner that is consistent with the Target Value Design goals established at the beginning of the Project.

• The “Design Tracking Model” column will be tracked against the “Established Target Value Model” column to ensure the design is progressing in a manner that is consistent with the Target Value Design goals established at the beginning of the Project.

More Definitions of Target Value Design

Target Value Design means a method for setting project targets and steering design and construction towards them. This is a lean project delivery approach where integrated teams collaborate though the design and build processes to optimize project delivery through value-based decisions and real market cost input to significantly improve value and

Target Value Design means a management practice by the Developer that drives the design, schedule, and financing strategy to deliver the Project for a Total Capital Cost that is expected to fall within a range of $100 million to $130 million and average annual financing costs of $8 million to $9 million (“the Affordability Range”).