How do you learn from and benchmark value engineering best practices in the construction industry?

1 Identify the scope and objectives of VE

Before you apply VE to your project or process, you need to define the scope and objectives of your analysis. What are the functions, requirements, and constraints of your project or process? What are the desired outcomes and benefits of VE? How will you measure the value and the cost of your project or process? By clarifying these aspects, you can set the boundaries and the criteria for your VE study.

2 Follow a structured VE process

A typical VE process consists of six phases: information, function analysis, creative, evaluation, development, and presentation. Each phase has a specific purpose and a set of tools and techniques to help you perform VE effectively. For example, in the information phase, you can use data collection, benchmarking, and market research to gather relevant information about your project or process. In the function analysis phase, you can use function analysis systems technique (FAST) to identify and prioritize the functions of your project or process. By following a structured VE process, you can ensure that you cover all the aspects of VE and avoid missing any opportunities for improvement.

3 Learn from VE case studies and best practices

One of the best ways to learn from VE is to study the examples and best practices of other projects or processes that have applied VE successfully. You can find VE case studies and best practices in various sources, such as journals, books, websites, and professional associations. For example, you can check out the Journal of Value Engineering, the Value Engineering Handbook, the SAVE International website, and the Institute of Value Management website. By learning from VE case studies and best practices, you can gain insights and inspiration for your own VE applications.

4 Engage with VE experts and peers

Another way to learn from VE is to engage with VE experts and peers who have experience and knowledge in VE. You can seek advice, feedback, and guidance from them on your VE projects or processes. You can also exchange ideas, challenges, and solutions with them on VE topics and issues. You can connect with VE experts and peers through various channels, such as training courses, workshops, seminars, conferences, webinars, forums, and social media. By engaging with VE experts and peers, you can enhance your VE skills and network.

5 Implement and monitor VE results

The final step to learn from VE is to implement and monitor the results of your VE projects or processes. You need to plan and execute the actions and changes that you have identified and developed in your VE study. You also need to track and evaluate the performance and outcomes of your VE projects or processes. You can use various tools and methods, such as action plans, schedules, budgets, quality control, audits, reviews, and surveys. By implementing and monitoring VE results, you can verify the value and the cost of your VE projects or processes and identify any areas for improvement or further VE application.