Over the past half-century, value engineering (VE) has proven to be an effective tool to manage time, costs, and quality with an aim to maximize value. It has also been shown to be a highly effective approach for evaluating current construction projects. However, the application of value engineering in the construction industry is inconsistent and frequently devolves to simply cost cutting. Value engineering is not about redesigning the project, cost-cutting or scope change/reduction – it’s about getting the full functionality of the project. And applying VE to construction projects can lead to numerous benefits for not only the building owner, but also the contractor.
