Value Engineering and Cost Reduction
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COURSE DATES AND LOCATIONS
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INTRODUCTION
Value engineering and cost-reduction are two different techniques that can be used when working on projects that have been designed by engineers. Value engineering is typically used when it is necessary to identify ways to reduce the cost of a project while still meeting the required levels of quality. This may involve looking at ways to reduce the number of materials that are needed, reducing the time it takes to build a project, or finding cheaper alternatives to high-cost items. Cost-reduction, on the other hand, is used when it is necessary to reduce the costs of a project without compromising its quality. This may involve finding ways to reduce the amount of labor needed, reducing the amount of waste that is produced, or finding cheaper sources of materials.
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COURSE OBJECTIVES
By the end of the course, you‘ll be able to:
- Implement Value Engineering in the workplace
- Increase asset reliability and availability to world-class standards
- Reduce unscheduled downtime and production interruptions
- Reduce maintenance costs by 50-70%
- Learn global bench-marking standards
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COURSE AUDIENCE
This course is made for :
- Project Managers
- Supply Chain Officer
- Procurement Manager
- Engineers
- Compliance Officer
- Financial Staff
- Maintenance Engineers
- Quality Assurance Personnel
- Operational Excellence Personnel
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COURSE OUTLINE
Day One:
Introduction to Value Engineering (VE)
- Objectives of Value Engineering
- When to apply Value Engineering
- Impact of Value Engineering
- Introduction to project scope
- Budget analysis
- Elements of the project budget
Day Two:
Application in Value Engineering
- Value techniques
- The Total Value Management Concept
- VE phase relationships – Value management in design
- Classes of Value
- Types of Value
- When to apply Value Engineering
Day Three:
Function evaluation
- Basic and secondary functions
Function Analysis Systems Technique (FAST)
- FAST procedure
- FAST examples
The Six-Step VE Job Plan
- Information
- Speculation
- Planning
- Execution
- Reporting
- Implementation
Day Four:
Speculative Phase Creativity
- Brainstorming
- Nominal group technique
- Cause and effect analysis
- Pareto charts
- Total Cost concept
- Life Cycle Costing (LCC)
Day Five:
Building on speculation
- The nature of the information
- Elements of manufacturing cost
