Value Engineering Concept

The expression Value Engineering designates a systematic process of product analysis, service or project, centered on a perspective of function or goal to what is destined as a way to stimulate alternatives search that at the same time fulfill the same functions but with lower costs either at an investment level, either operational. The main goal of Value Engineering is, thus, the increase of relation among performance, quality and product functionality, service or project, and the correspondent implementation, operation and maintenance costs. In fact, for Value Engineering, the value of a product or project isn’t more than the ratio among the tasks that performs and its cost.

In historical terms, Value Engineering emerged in the North American General Electric and was related with the research of new materials, of lower cost and easier attainment, replacing the scarce materials due to World War II. Between 1947 and 1952 Lawrence D. Miles developed this technique as we know it today.

Generally, for the implementation of the Value Engineering process is created a multidisciplinary team that studies and develops several alternatives and guidelines for its implementation.

 

 

Translated from Portuguese by Susana Saraiva, Portuguese-English and English-Portuguese translation specialist. Contact: spams@sapo.pt.