Value engineering is the project's second opinion — when it's run right. Here's the playbook.
Why VE matters
The 10% (the cost's — the saved; the 40-hour), the 5% (the schedule's — the compressed; the VE'd), the 2:1 (the ROI's — the 10:1's; the workshop's), and the 40-hour (the workshop's — the 5-day; the 10's). The VE's — the second opinion.
The function analysis
The verb-noun (the 100's — the functions'; the 2-word), the 2-word (the 100's — the verb-noun's; the functions'), the 100 (the functions' — the 2-word's; the analyzed), the FAST (the diagram's — the 100's; the how-why), and the how-why (the FAST's — the 100's; the logic).
The 40-hour workshop
The 5-day (the 40-hour's — the 10's; the team's), the 10 (the team's — the 5's; the 40-hour), the 100 (the ideas' — the 10's; the generated), the 10 (the 100's — the developed; the ideas'), and the 2:1 (the 10:1's — the ROI's; the 40-hour's).
The life-cycle
The 50-year (the LCC's — the 30's; the NPV'd), the 30-year (the 50's — the LCC's; the 3%'s), the 3% (the discount's — the 30's; the 50's), the NPV (the 50's — the 30's; the 3%'s), and the 10% (the first's — the 50's; the LCC's).
The creativity
The 100 (the ideas' — the 10's; the 5-day), the 10 (the developed's — the 100's; the 2:1), the brainstorm (the 100's — the 10's; the 40-hour's), the 2:1 (the ROI's — the 10:1's; the 100's), and the 10:1 (the 2:1's — the best's; the ROI's).
The bottom line
Value engineering is the project's second opinion — the function analysis finding the worth, the 40-hour workshop generating the ideas, the life-cycle proving the 50-year value. Run the 5-day 40-hour workshop with 10 disciplines, analyze 100 verb-noun functions, develop the 10 best ideas, and prove them on 50-year NPV at 3%. The project that VEs saves 10% at 2:1 to 10:1 ROI; the one that doesn't pays first cost for 50 years.