Value Engineering Solutions

 

Alberfield is committed to assisting our Clients make a difference in the effective management of resources. This includes identifying and achieving best value in each project, product or service.

 

 

Alberfield understands that your needs are unique. We will work closely with you to create a solution that makes a difference for you and your clients.

 

 

What is Value Engineering?
Value Engineering is a systematic process applied by a multidisciplinary team to improve the value of a project, product or service through the identification and analysis of functions in terms of those that are critical to the project, product or service (i.e. “musts”) vs those that are ancillary (i.e. “desirables”).1

 

 

Value Engineering is conducted to ensure that the concept design of a project, product or service is fit-for-purpose and presents best value for money. The process is a decision-making tool designed to enhance design decisions. It is not intended to limit choices or actions, merely to guide them to deliver the best value outcome.

 

 

How Does It Work?
Value Engineering is most often conducted through a workshop, similar to that of a HAZOP or HAZID study. The project, product or service is broken down into nodes and each node analysed individually to determine whether or not the best value options are being utilised.

 

A Value Engineering study involves:
  • Analysis of requirements to achieve best value.
  • Recording ‘Recommended Actions’ to address any identified improvements.
  • Preparation of a report to document the findings of the study that will guide further development of the project, product or service to achieve best value.
What Is Used To Make It Work?
Two primary analysis tools are used:
  • Function Analysis System Technique (FAST); and
  • Function Hierarchy Logic Model.

 

FAST is used as a high level, first-pass review tool, and can be used again later in the study to aid rapid determination and consensus of value of individual functions, such as usefulness, benefit and importance.

 

 

The Function Hierarchy Logic Model places a system’s functions in a hierarchy, enabling the Value Engineering team to conduct the study at a chosen level of detail.

 

 

Alberfield aligns all of its Value Engineering services with Australian Standard AS4183-2007 Value Management.

 

 

For further information on this and other matters related to Value Management,  contact Alan Carmody at Alberfield on (08) 9221 4396 or at alan.carmody@alberfield.com.au.

 


1 “Value Methodology Standard and Body of Knowledge.” SAVE International. Pg 8., June 2007. Accessed 28 Nov. 2012.
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