Optimizing Construction Projects With Value Engineering
Date Posted: January 26, 2021
Posted In: Ideas,
by John Maranowicz, Burns & McDonnell
Completing construction projects on time and within budget can seem like a daunting task. With additional pressures like fluctuating material costs, skilled labor availability and operational costs, clear and creative planning from the start becomes even more crucial. This is where value engineering can offer several benefits.
When value engineering is referenced in our industry, our minds may immediately go to a process that reduces project cost by slashing scope or decreasing the quality of materials used. However, that is not necessarily what the definition should be.
In construction, value engineering empowers project teams to improve value by examining the function of each element and its associated cost. By examining the cost-benefit ratio, integrated design and construction teams can make suggestions for alternate delivery methods, designs or materials that enhance project value.
It’s crucial to note that boosting the value of projects does not mean reducing costs. It means optimizing project components through an analysis of all factors — cost, upkeep, wear and tear, aesthetic value, etc. To provide truly advantageous value engineering, design and construction teams must first understand the project as a holistic effort. Every project is different, as is every business’ definition of value.