COST VALUE ENGINEERING

The Cost Value Engineering is all about the Value Management. Nowadays, the market globalization has forced the traditional oriented approached construction companies into this direction. Value Management is a rigorous systematic effort to improvement the value and optimize the cost of the project, facilities and systems. It generates cost improvement without sacrificing the required performance.

The benefits of Value Management are as per following:

• Identification and remove the unnecessary cost 
• Better quality and value building 
• Foster and improve relationships
• Improve the communication and common knowledge
• Enhance competitiveness
• Better focus on client or project's objective
• Offers a second look at key design decision
• Encourage creativity and innovation

The assignment of this subject is a group work assignment. Such group assignment required us to prepare a case study report which the project has implemented value management practices. From here, we can see that this group assignment do emphasis on good team work and creative thinking.

In this group assignment, we get to brainstorming together while performing works like seeking for alternative designs, functional analysis, cost analysis, drafting action plan and identify the project's problem.