Home » Courses » Project Management » Value Engineering Skills
5 Days
Training
Date Venue Fees(USD) Book your seat
25 - 29 Nov 2019 London - UK $5,950 Book Now
06 - 10 Jul 2020 Amsterdam - The Netherlands $5,950 Book Now
30 Nov - 04 Dec 2020 London - UK $5,950 Book Now

Why Choose this Training Course?

Value, in its broadest sense, is the benefit to the client, offered by a project. Value Engineering (VE) is a creative, organized approach which enables providers of a product, service or a project to engage in a proactive way with stakeholders to ensure that project value is optimised, life-cycle costs are reduced, and unnecessary costs eliminated. The VE methodology emphasizes the return-on-investment aspect of decision-making in terms of benefits management during project planning, procurement and execution. It enables design teams and organisations to identify and evaluate alternative ideas and solutions at any project phase avoiding wasted design and investment effort and deliver best value solutions which meet client requirements. VE is not about selecting the cheapest option; rather, it is about realizing best value for money and improving productivity, competitiveness and effectiveness of organisations in addition to stimulating innovation.

This lively and interactive AZTech training course is designed to provide the participants with expert guidance for securing real benefits and cost savings by implementing VE in their projects with a greater emphasis on the development of project scope, cost estimates, design solutions and budgets. Within the project management context, the course significantly enhances creative thinking, problem solving, objective assessment, and informed decision-making skills.

This AZTech training course will feature:

  • Systematic step-by-step VE methodology to support the initiation
  • Planning and application of VE techniques
  • Capturing stakeholders’ requirements and expectations
  • Developing conceptual cost estimates and models
  • Undertaking life-cycle costing analysis
  • Producing a high-level project plan to guide project execution and control

What are the Goals?

By the end of this AZTech training course, participants will be able to:

  • Understand the fundamental concepts of value engineering and how it supports effective project management by providing a continuous thread of good practice throughout the project development process
  • Gather and organize information and cost relevant to key elements of the project
  • Learn how to capture and incorporate stakeholders’ input in the development of the project charter and plan
  • Critically assess and evaluate the relationships among key attributes such as cost, value and function
  • Report effectively to top management and project stakeholders in the context of proposing alternatives that improve the overall project value; and
  • Objectively present a convincing case in support of certain project alternatives

Who is this Training Course for?

This AZTech training course is suitable to a wide range of professionals but will greatly benefit:

  • Anyone involved in project initiation, engineering design, and critical assessment of projects
  • All those responsible for making significant decisions concerning plans and budgets for large and complex projects
  • Project or Program Sponsors, Project Managers, Cost Estimators, Cost Controllers, Engineers, Designers and Project Staff
  • All those aspiring to deliver better value in all sectors of the economy from major projects in construction, manufacturing, petro-chemical, healthcare, education legal and public services

How will this Training Course be Presented?

This AZTech training course is a mixture of speaker input, and interactive discussion focused on a case study which engages delegates in a workshop environment and develops their facilitation skills. Delegates will gain detailed knowledge of VE concepts and techniques by active participation in the exercise/training sessions. Through lectures, case studies and practical exercises, delegates will focus on key concepts, terms, and principles necessary for realistically optimizing project costs.

The Course Content

Day One: Framework for Applying Value Engineering in Projects

  • What is Value?
  • What is Value Engineering? Why is it important?
  • Defining Value Engineering concepts and principles
  • How and when is Value Engineering applied?
  • Project stakeholders analysis and management
  • Understanding teamwork and cross-functional Project Teams and team player styles
 

Day Two: The Function Analysis Phase - Expressing Project Functional Needs and Constraints

  • Overview of Different Value Engineering Phases / Job Plan
  • The Information Phase – steps and procedures
  • The need for Function Analysis in projects
  • Developing FAST Diagrams to identify critical project components and perform project value analysis
  • Defining project constraints – relationships and trade offs
  • Aspects of Cost Estimating
 

Day Three: The Creative Phase - Inspiring Creativity in Your Project Team

  • Risk Management
  • Relationships between Value, Cost and Worth
  • Facilitation skills
  • Creativity and Creative thinking within the project environment
  • Creativity techniques as applied to optimize project value
  • Blocks to creativity within the project team

 

Day Four: The Evaluation Phase - Making Informed Project Decisions

  • Reaching consensus and leveraging the power of project team collaboration
  • Idea selection
  • Evaluation methods and value criteria
  • Development phase
  • Techniques in problem solving
  • Life-cycle costing analysis

 

Day Five: The Planning and Reporting Phases - Getting Results through Effective Communication

  • Effective Decision-making in project environment
  • Develop action plans and assign project roles and responsibilities
  • Reporting VE findings to Senior Management and project stakeholders
  • Integrating VE into the project process and Continuous Improvement and application at project initiation
  • Case studies
  • Assessment and Wrap-up

The Certificates

  • AZTech Certificate of Completion for delegates who attend and complete the training course
  • The applicable PMI Professional Development Units/Contact Hours will be reflected in the Certificate of Completion

Accreditation

PMI Registered Programme

AZTech as an R.E.P. has been approved by PMI to issue applicable Professional Development Units (PDUs) for its Project Management training courses. PMI allows credential holders to apply PDUs to the maintenance of their credentials where one contact hour of training is equivalent to one PDU.

The PMI Registered Education Provider logo and PMI are registered marks of the Project Management Institute, Inc.

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