Value Engineering definition

Examples of Value Engineering in a sentence

  • Construction Manager and Owner Parties shall then meet to discuss such Value Engineering proposals and Construction Manager shall promptly recalculate its cost estimate incorporating any proposed changes Owner Parties select.

  • It is a primary tenet of Value Engineering that quality not to be reduced as a consequence of pursuing value improvements.

  • If Construction Manager’s reconciled Schematic Design Documents cost estimate exceeds the applicable Target GMP, Construction Manager shall promptly furnish Owner Parties with Value Engineering proposals that will cause the estimate to meet or be less than that Target GMP.

  • For the purpose of optimizing the pavement design, the designer should implement Value Engineering process for each project.

  • The term Value Engineering (VE) is a systematic process of review and analysis of a project, during the concept and design phases, by a multidiscipline team of persons not involved in the project together with the Design Manager, to confirm and assess alternative design.

More Definitions of Value Engineering

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 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 the systematic application of recognized techniques that identify the function of a product or service, establish a value for that function, and provide the necessary function reliably at the lowest overall cost. In all instances, the required function should be achieved at the lowest possible life-cycle cost consistent with requirements for performance, maintainability, safety, security, and aesthetics.
Value Engineering means the process of carrying out design review studies with the objective of exploring alternative designs that would result in added value to the deliverables.
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 a specialized technique for controlling costs which uses a systematic and creative approach to identify and focus on any unnecessary cost to reduce the cost of a water project without affecting the reliability or efficiency of the water project.