Value engineering (VE), a new concept in the construction field in Vietnam, is an organized and creative approach to budget, with the aim of eliminating inessential costs without negatively affecting the quality as well as productivity of the initial goals set out for the project.
At DRAGCONS, we approach VE by researching and proposing solutions including: utilizing suitable materials, finding alternatives for certain methods or technology, optimizing the design of each construction component,…
A VE study could be performed at any point during the design process; however, for optimum results, a VE study should be conducted as early as possible after basic design elements and preliminary cost information have been developed – typically after the preferred alternative has been identified. This allows VE recommendations to more readily be incorporated into the project. Proper timing helps to ensure that recommendations generated through a VE study do not cause significant impact on the project schedule. In general, the earlier VE is applied, the greater the potential for savings.
Value Engineering is not a design/peer review or a cost-cutting exercise. VE is a creative, organized effort, which analyzes the requirements of the project for the purpose of achieving the essential functions at the lowest total costs (capital, staffing, energy, maintenance) over the life of the project.
An important task in VE is organizing design workshops in order to collaborate on researching solutions aiming at effective budget cutting, by analyzing the degree of impact of the decrease in budget on the initial goals.