Value Engineering

Value engineering is a systematic approach to improve performance and reduce costs in organizations. It involves a job plan with four phases: information, speculative, analytical, and proposal. The process includes defining problems, developing alternatives using FAST analysis, comparing costs, and presenting proposals to stakeholders. The goal is to enhance efficiency and lower life cycle costs, particularly for equipment and machinery.

How does life cycle costing contribute to the value engineering process?

Explain the importance of stakeholder buy-in in implementing a value engineering regime.