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Level: Basic
TCM Section(s):
7.5. Value Analysis and Engineering
Venue: 2021 AACE International Conference & Expo
Abstract: Value engineering (VE) as a technique was first developed in the U.S. during World War II to cope with the problems inherent with wartime shortages of key components. Since these shortages existed, innovative methods were required as a workaround to solve these problems. Larry Miles with General Electric is widely credited as the developer of this VE technique [2, page 1]. While the origins of value engineering were in U.S. manufacturing, the technique has spread to numerous other areas including retail, construction and services’ sectors in both the U.S. and the World. VE has also taken on other names including value analysis and value management. Whatever the name, VE has proven widely successful in a variety of areas in improving value. However, despite this success, there have been numerous instances where VE has not been successful or those invoking the VE name incorrectly implement the technique or do not really practice VE but still term it VE. As a result, many across a variety of sectors view VE as simple cost reduction technique. Based on this writer’s extensive experience in VE on numerous VE teams related to capital projects over the years and discussions with numerous practitioners in the construction industry, this paper grew out of this. The information from this work has been distilled into twenty categories related to capital construction projects.
Level: Basic
TCM Section(s):
7.5. Value Analysis and Engineering
Venue: 2021 AACE International Conference & Expo
Abstract: Value engineering (VE) as a technique was first developed in the U.S. during World War II to cope with the problems inherent with wartime shortages of key components. Since these shortages existed, innovative methods were required as a workaround to solve these problems. Larry Miles with General Electric is widely credited as the developer of this VE technique [2, page 1]. While the origins of value engineering were in U.S. manufacturing, the technique has spread to numerous other areas including retail, construction and services’ sectors in both the U.S. and the World. VE has also taken on other names including value analysis and value management. Whatever the name, VE has proven widely successful in a variety of areas in improving value. However, despite this success, there have been numerous instances where VE has not been successful or those invoking the VE name incorrectly implement the technique or do not really practice VE but still term it VE. As a result, many across a variety of sectors view VE as simple cost reduction technique. Based on this writer’s extensive experience in VE on numerous VE teams related to capital projects over the years and discussions with numerous practitioners in the construction industry, this paper grew out of this. The information from this work has been distilled into twenty categories related to capital construction projects.