QSB 4215 Cost Value Engineering

 

This module provides the history, background, theories, concepts and principles of value engineering / value management in decision making process. In addition, the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage are included in this module. It is then generally covers on the area of implementation of value engineering and the key person involved – the facilitator. Subsequently, a series of discussion on the problem and constraint in the implementation stage based on some significant case studies are also carried out.

 

For our mid-term test, we are tested on the topics related to the introduction, definition, history and philosophy of value engineering. Moreover, the distinction between value engineering, value management and value analysis, concept of value, cost, function and worth as well as unnecessary cost are also included in this mid-term test. Overall, I am satisfied with the result of my mid-term test.

 

A group assignment is assigned to us to produce a case study report for project implementing Value Management in the construction industry. We are required to prepare the presentation slides on the case study report and present during lecture. Through this assignment, I am able to develop a broader knowledge about Value Management.

 

Throughout this module, I am able to recognize and recall the contribution of the value engineering /value management in the development process. The appropriate time to implement value management is identified throughout different construction phases. Furthermore, I am able to analyse the cost and value implications of project scope and generate a Job-Plan for the implementation of Value Management workshop. I will work hard on my finals in order to score a better results.