Value engineering

 - a systematic process of reviewing and analyzing the requirements, functions and elements of systems, project, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required levels of performance, reliability, quality, or safety. The process is generally performed in a workshop environment by a multidisciplinary team of contractor and/ or in-house agency personnel (such as an IPT), which is facilitated by agency or contractor staff that is experienced, trained and/ or certified in leading VE teams through the following phases: information phase where the team gathers information to understand the project and constraints that may be impeding performance; functional analysis phase where the team identifies basic project functions and goals and identifies any performance shortcomings or mismatches between identified functions and customer needs for further study; creative phase where the team conducts brainstorming to generate new ideas and alternatives for improvement in a project, product, or process, with particular focus on high cost variables, speed of execution, quality and performance; evaluation phase where the team ranks ideas to find the best to meet the project value objectives; development and presentation phase where the team develops best ideas into viable alternatives with net life-cycle cost savings and implementation   977 details and presents them to stakeholders; and implementation phase where the agency incorporates selected alternatives into the project. Also called VE.

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