APPLICATION OF VALUE ENGINEERING TECHNIQUES IN CONSTRUCTION PROJECTS

Value engineering is a successful technique that has been tested in many countries and reduces the cost of the construction projects Value Engineering is a creative, organized effort, which analyzes the requirements of a project for the purpose of achieving the essential functions at the lowest total costs over the life of the project. Through a group investigation, using experienced, multidisciplinary teams, value and economy are improved through the study of alternate design concepts, materials, and methods without compromising the functional and value objectives of the client. Value engineering is the process of relating the functions, the quality and the costs of the project in the determination of optimum solutions for the project. A cost-effective solution is achieved by an application of VE principle for different components of the structures relating its quality and quantity. This study mainly focuses on new techniques, methods and materials that can be adopted in construction industry, in which, its cost, quality, process time and feasibility are considered. Value Engineering focuses on accomplishing the required functions at the lowest overall cost. It helps in eliminating or minimizing wastage of material, time, and unnecessary cost, which improves value to the customer