Value Engineering definition
Value Engineering. (VE) means a discipline of engineering that studies the relative monetary values of various materials and construction techniques, including the intial cost, maintenance cost, energy usage, replacement cost, and life expectancy of the materials, equipment or systems under consideration.
Value Engineering means the detailed analysis of systems, equipment, materials, services, facilities, and supplies required by the Contract Documents for the purpose of achieving the desired and essential functions of the Owner’s program at the lowest cost consistent with required and necessary performance, longevity, reliability, quality and safety.
Value Engineering means the identification of alternative methods, materials or systems which provide for comparable function at reduced initial or life-time cost. It includes proposed changes to the plans, Specifications, or other Contract requirements which may be made, consistent with industry practice, under the original Contract by mutual agreement in order to take advantage of potential cost savings without impairing the essential functions or characteristics of the Public Improvement. Cost savings include those resulting from life cycle costing, which may either increase or decrease absolute costs over varying time periods.
Examples of Value Engineering in a sentence
To that end, Owner will reasonably consider recommendations of the CM@Risk to redesign the Construction Documents, include deductive alternatives or reductions in the Work (including Value Engineering Proposals), or otherwise modify the Contract Documents.
Any cost savings resulting from such acquisition (including by avoiding use of retaining walls or other engineering modifications) shall be subject to the Value Engineering provisions set forth in Section 22.
Value Engineering X ODOT will coordinate Value Engineering if required.
Value Engineering: Throughout the document review, site visit, and pricing exercises, Flatiron will maintain vigilance and be continuously looking for design improvements and optimizations.
If Value Engineering is required, the Department may elect to use an ODOT held agreement to assist in administering the Value Engineering process.
More Definitions of Value Engineering
Value Engineering means the systematic application of recognized techniques to identify functions, products, services, designs, techniques, alternatives, or performance improvements that have the effect of maintaining or improving the quality and/or value of the work or the project's overall life-cycle cost and other applicable factors while reducing the Price without sacrificing safety, quality, and environmental compliance of the Scope of Contract. Value Engineering is a result of such practices or designs being or not a deviation from the Technical Specifications, thus resulting in a deviation and/or modification to the Contract. Value Engineering shall not include standard optimization taken during the design process that ENEL and Contractor would normally perform under Prudent Industry Practises.
Value Engineering means a systematic method to improve the value of goods or products and services by using an examination of function. Value can therefore be increased by either improving the function or reducing the cost. If any value engineering activities constitute the professional practice of engineering, then such activities shall be performed by an engineer licensed in Texas.
Value Engineering means an analysis of the functions of a program, project, system, product, item of equipment, building, facility, service, or supply of an executive agency, performed by qualified agency or contractor personnel, directed at improving performance, reliability, quality, safety, and life-cycle costs (Section 36 of the Office of Fed- eral Procurement Policy Act, 41 U.S.C. 401, et seq.). For use in the clause at 52.248-2, see the definition at 52.248-2(b).
Value Engineering means an analysis of the requirements for the systems, equipment, and supplies of the single contract for the purpose of achieving a net savings by providing less costly items than those specified without impairing any essential functions and characteristics as service life, reliability, substitutability, economy of operations, ease of maintenance, and necessary standing functions.
Value Engineering means the detailed analysis of systems, equipment, materials, services, facilities, and supplies required by the Contract Documents for the purpose of achieving the desired and essential functions of the Owner’s program at the lowest cost consistent with required and necessary performance, reliability, quality and safety.
Value Engineering means the detailed analysis of systems, equipment, materials, services, facilities, and supplies required by the Contract Documents for the purpose of achieving the desired and essential functions of the Owner’s program at the lowest Life Cycle Cost consistent with required and necessary performance, reliability, quality and safety. “Life Cycle Cost” means the sum of all costs of the Project over its useful life, and includes the cost of design, construction, acquisition, operation, maintenance, and salvage/resale value.
Value Engineering or “VE” is defined as an analysis and comparison of cost versus value of building materials, equipment, and systems. VE considers the initial cost of construction, coupled with the estimated cost of maintenance, energy use, life expectancy and replacement cost. VE related to this Project shall include the analysis and comparison of building elements in an effort to reduce overall Project costs, while maintaining or enhancing the quality of the design intent, whenever possible.