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Construction Project Management

VALUE ENGINEERING

Wethered is well versed in the value analysis procedure. It begins with four clearly defined terms: life cycle, function, cost, and value.

• Life cycle - the anticipated duration for which the item must carry out its purpose.


• Function - the successful performance of an item over its life cycle.


• Cost - the initial monetary outlay, supplemented by the anticipated funds required for maintenance and repair and any financial effects the item may have on other components.


• Value - the relationship between function and cost, expressed as a simple formula (f/c).

value=function/cost

(v=f/c)

The FIVE phases of value methodology

  • Information: Gathering data

  • Speculation/Creative: Generating ideas

  • Evaluation: Analyzing and judging ideas

  • Development: Expanding and investigating promising ideas

  • Presentation: Offering ideas to decision makers

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