What is Value Engineering?
The Society of American Value Engineers (SAVE) defines value engineering as the “systematic method to improve the ‘value’ of goods or products and services by using an examination of function.” In more relatable terms, value engineering is the betterment of a product’s value or worth through close analysis, review, and assessment of how it’s used or how it works. Generally, this can be done by either enhancing the function or lowering the cost.
For the building industry, Value Engineering refers not only to the improvement of products, but also design, construction, business, and administrative processes concerning each project.
How is maximum value generally achieved?
Successful value engineering is based around a close analysis of multiple factors. Primarily, one of the determining factors is the lifespan of the product, process, or project. Expected endurance and period of relevancy should be considered in conjunction with quality. By creating a product utilizing different grades of materials, based upon life expectancy knowledge, an engineer can save the manufacturer and the purchaser time, money, and labor.
The key to value engineering is balancing function, performance, safety, cost, and quality. Each of these aspects are incredibly important and will impact the overall value and success of a product, therefore they must all be analyzed, reviewed, and then placed on a hierarchy.
While there are many ways to reach this balance, most value engineers follow the below steps:
Five Steps for Value Engineers:
- STEP 1 – Research and gather information about the product, process, or project.
- STEP 2 – Become an expert on function through analysis. Learn and clarify the product’s specific functions.
- STEP 3 – Brainstorm ways to meet the product’s functions.
- STEP 4 – Begin development by ascertaining and synthesizing the most feasible value improvement ideas and concepts.
- STEP 5 – Present your work to the stakeholders to get feedback.
Value engineering is a great tool for firms looking to build a project that has an expected expiration date. By creating a structure with components meant to last, a higher level of efficiency can be procured. Laborers aren’t spending as much time focused on durability levels, finances are saved in the manufacturing process, and the overall price of the product drops.
Why Belco Forest Products
Belco Forest Products has a long history providing exterior millwork for multi-family and low-rise commercial projects. We specialize in the manufacturing, preservative treatment and protective priming of solid wood products since 1978. By focusing on quality, uniformity, and longevity, we provide a range of value engineered trim options to meet both the specific design requirements and budgetary needs of today’s project managers and design professionals.