Value Engineering

Value Engineering is an organized/systematic approach directed at analyzing the function of systems, equipment, facilities, services, and supplies for the purpose of achieving their essential functions at the lowest life-cycle cost consistent with required performance, reliability, quality, and safety. The implementation of the Value Engineering process on a problem typically increases performance, reliability, quality, safety, durability, effectiveness, or other desirable characteristics.

Value Engineering is applicable at any point in the life cycle, but the savings potential decreases as the program ages. Value Engineering should therefore be applied as early as possible in the program life cycle. Early Value Engineering tends to produce greater savings (or cost avoidance) because that is where most of the costs are committed—there are greater opportunities for change, and the changes