Question
Explain the principles of Value Engineering. Discuss environmental sustainability, eco-friendly practices and life-cycle considerations in project management.
Answer :
Word Count : 532
Value Engineering (VE) is a systematic and organized approach used in project management to achieve the required functions of a project at the lowest overall cost without compromising quality, safety, performance, reliability, or customer satisfaction. In industrial project management, Value Engineering focuses on improving the relationship between function and cost. The basic principle is that value can be increased either by improving the function while maintaining cost or by reducing cost while maintaining the required function. The major principle of Value Engineering is the identification of essential and secondary functions of a project. Every component, process, material, and activity is examined to determine whether it contributes ____ ________ _________ ___ __________ ______.
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Value Engineering (VE) is a systematic and organized approach used in project management to achieve the required functions of a project at the lowest overall cost without compromising quality, safety, performance, reliability, or customer satisfaction. In industrial project management, Value Engineering focuses on improving the relationship between function and cost. The basic principle is that value can be increased either by improving the function while maintaining cost or by reducing cost while maintaining the required function. The major principle of Value Engineering is the identification of essential and secondary functions of a project. Every component, process, material, and activity is examined to determine whether it contributes ____ ________ _________ ___ __________ ______.
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