What is Value Engineering? Project Management in Under 5

Value Engineering is a process of modifying designs or processes to enhance value by balancing functionality and cost. It involves identifying key elements, analyzing their functions, and developing cost-effective alternatives. While it can lead to cost savings, misuse as mere cost-cutting can compromise quality, as seen in the Grenfell Tower disaster. Properly applied, it can improve project outcomes by carefully scrutinizing compromises.

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