COST VALUE ENGINEERING (QSB 4214)

Topics: 

1. Introduction to Value Management, 
2. Definition of Value Management, 
3. History and Philosophy of Value Management, 
4. Distinction Between Value Engineering, 
5. Value Management and Value Analysis, 
6. Concept of Value, Cost, Function and Worth, 
7. Unnecessary Cost, 
8. Implementation of Value Management, 
9. Value Management Tools and Techniques, 
10. The Job Plan and Workshop, 
11. The Facilitator, 
12. Benefits of Value Engineering 

This subject is lectured by Mr. Lee Wing Tey which he had also teaching us in the previous semester, Financial Management [QSB 3413]. Mr. Lee is a certified Value Manager so he is able to tell us why value management should be implemented in Malaysian Construction Industry.

In these 12 lectures series, I have learned to identify the appropriate time to carry out Value Engineering through out different construction phases and the importance role of a facilitator in Value Engineering process.Furthermore, I also able to recognize and recall the evolution process and contribution of the Value Engineering practice in construction. On the other hand, I also learn how to differentiate the ‘ unnecessary cost’ and why value management is not a ‘cost cutting’ exercise.

We were required to do a group assignment with 30% of overall marks in this subject which titled as “Case study report for project implementing Value Management in the Construction Industry”. A group of 8 students was formed. 

There are 8 chapters in the report:

• Introduction
• Executive summary of project under study
• The result of Functional Analysis
• Sketches before and after design showing proposed changes
• Technical data supporting the selection of alternative
• Cost analysis
• Action plan
• Conclusion and recommendation

Since there are so many group members in this assignment, I was assigned to do the part of the proposal design.  Due to this is a group assignment with so many members, cooperation between group members might be at risk because of the perception of unfairness such as unequally difficult task to all team members. However, our group had solved this problem by sharing the difficulties to each other and whoever knew how to do it, would give a hand. This is good to see a really good team work which I need to implement this kind of team work in the future.