Value Engineering Skills

Code

256

Start Date

2024-12-15

End Date

2024-12-19

City

Cyprus (Larnaka)

Price

5450 $

Language

Participants

1-15

Hotel

Hotel Meeting Room

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Why Choose this Course?

This Value Engineering (VE) course is a creative, organized approach which engages project stakeholders to define their business or performance requirements, maximises creativity and innovation to identify best value solutions, enabling more robust, effective decision making during project planning, procurement and execution and through focusing on performance requirements and avoiding abortive work.

VE will improve the performance, profitability, quality and risk levels of the client organisation and the whole project team. This course will provide best value results from achieving the right balance between the benefit the client achieves from a project or service and the resource required to deliver it, not just cost alone.

This course will feature:

Decision making based on value criteria
Applying cost estimating at the appropriate level
Understanding business need, project scope, function, and performance need
Securing real benefits by integrating VE with existing project management processes
introduction to powerful techniques of function analysis, facilitation and creative thinking

What are the Goals?

By the end of this course, participants will be able to:

Identify value mismatches through the ratio of whole life costing.
Capture & incorporate stakeholders’ input in the development of the project charter & plan.
Add value to stakeholders thru best value decisions based on the balance of value criteria & resources.
Know the fundamental concepts of Value Engineering and Analysis.
Identify alternative recommendations to the management which will improve value effectively.

Who is this Course for?

This course is suitable to a wide range of professionals but will greatly benefit:

Anyone involved in project initiation, engineering design, and critical assessment of projects
All those responsible for making significant decisions concerning plans and budgets for large and complex projects
Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers and Project Staff
All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petro-chemical, healthcare, education legal and public services

How will this be Presented?

The course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. The course will take delegates through the systematic step-by-step VE methodology through interactive speaker input, case studies and practice exercises. The exercises will provide participants with hands on experience of applying the techniques to a simple project and will facilitate group discussion.

The Course Content

Day One : Framework for Applying Value Engineering in Projects

Defining Value and Value Engineering concepts and principles
How and when is Value Engineering applied?
Project definition through stakeholder analysis and management
Team player styles
Identifying relationships between Value, Cost and Worth
Overview of Different Value Engineering Phases

Day Two : The Function Analysis Phase - Expressing Project Functional Needs and Constraints

The Information Phase – steps and procedures
Developing Value Engineering Job Plan
Defining project constraints
What is function analysis and Function-Cost-Worth Analysis
Developing FAST Diagrams to identify critical project components
Cross-Functional Project Team Approach

Day Three : The Creative Phase - Inspiring Creativity in Your Project Team

Creativity and Creative thinking within the project environment
Creative thinking techniques
Reaching consensus and leveraging the power of project team collaboration
Project risk perception and identification
Identifying priorities through paired comparison
Output of the Creative Phase

Day Four : The Evaluation Phase -Making Informed Project Decisions

Project evaluation methods
Performing project risk and scenario analyses
Life-cycle costing techniques
Incremental benefit-cost analysis for project evaluation
Effective Decision-making in project environment
Output of the Evaluation Phase

Day Five : The Planning and Reporting Phases -Getting Results through Effective Communication

Develop and assess VE proposals to optimize project value
Action planning roles and responsibilities
Reporting VE findings to Senior Management and project stakeholders
Incorporating VE into the early project phases
Integrating VE with Continuous Improvement Techniques

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