Value Engineering (VE) is a method to determine and improve the value of goods, products, or services by the examination of function, quality, and cost. Value can therefore be manipulated by growing function, improving quality, and adjusting cost as in the equation below.
In action, this equation is crucial in the discussion of building performance. As stated above, one can make a verified value judgement by understanding what something can do (function), how well it does it (quality), and how much they will have to pay for it (cost). VE in building design is growing because our industry is in a situation which needs more designers, engineers, contractors and clients to make building that perform better and being able to do so because they cost less.
Tips to begin using Value Engineering, includes always mentioning decisions made during SD and DD and it’s impact on money - First cost and Life Cycle Cost. Even doing a cost vs energy optimization to determine the lowest Return on Investment (ROI) timeline gets owners excited about the building performance strategies and helps projects remain on budget and perform to the highest standards allowable in your budget range. Decisions made with VE in mind are long-term, and making smart choices sooner and more often will help you make a positive impact towards the environment and everyone's pockets.
Pro Tip : cove.tool allows the user to select the performance strategies that are optimized for first cost and life cycle cost to avoid VE.