Value Engineering definition

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. (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 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 either may increase or decrease absolute costs over varying time periods.

Examples of Value Engineering in a sentence

• VALUE ENGINEERING 185 22.1 General 185 22.2 Value Engineering Recommendation 185 22.3 Required Information 185 22.4 TxDOT Review and Approval 186 22.5 Price Adjustment 187 22.6 Implementation of VEs 188 22.7 Use of VEs By TxDOT 188 SECTION 23.

• The CM shall submit the Value Engineering Recommendations to the Owner’s Representatives within thirty (30) days of the Notice to Proceed for the First Component of the Project.

• They are (1) Value Engineering when establishing the GMP, and (2) savings generated through changes, reductions, or Subcontractor negotiations that may occur after the GMP is established.

• Based upon its review of the Design Documents (including any Owner accepted Value Engineering Recommendations and Constructability Review Comments), the CM shall develop written Bid Package descriptions suitable for bidding by Trade Contractors.

• If Contractor realizes a savings on an aspect of the Project, including but not limited to, Value Engineering or Other Savings after the GMP is established and after execution of this Construction Services Agreement, such savings shall be divided in the following proportion: Seventy-Five Percent (75%) of any savings shall be returned to District and Twenty-Five Percent (25%) of any savings shall be returned to Contractor.

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 cost and other applicable factors, while reducing the Price without affecting the safety, quality, and environmental compliance of the Scope of Contract. Value Engineering is the result of such practices or designs being or not a deviation from the Technical Specifications, thus resulting in a deviation from and/or modification to the Contract. Value Engineering shall not include standard optimization taken during the design process that ENEL and the Contractor would normally perform.

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 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 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 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 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.

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.