AE Blog - Where Is The Value In Value Engineering?
In this present environment of belt-tightening, the phrase “value engineering” has become synonymous with “cost cutting”. This trend is problematic from a risk management perspective because it shifts the pure intent of value engineering and puts into practice a less judicious methodology focused more on saving money than optimizing the project.
Value engineering can be an effective tool among professionals in the field of design as well as clients such as the government, whether they are at the local, state or federal level. Value engineering is the practice whereby a project is examined to achieve the project scope and purpose while obtaining the best possible value for every dollar spent. From the owner’s point of view, value engineering is about achieving the greatest amount of use in every dollar allocated. From a client’s side, such as the government, it’s about engaging a means to optimize the scope and financial resources of projects, cut down on unnecessary waste and plainly characterize the project and process.
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