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 Value Engineering Skills 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:
The training course involves a practical case study which the delegates will undertake in working groups to build an understanding of the systematic step-by-step VE methodology to support the initiation, planning and application of VE techniques. It covers the following key elements of VE application:
- Forming and managing an integrated multi-disciplinary value engineering team
- Capturing stakeholders’ requirements and expectations
- Performing Function Analysis
- Generating alternative solutions through creative thinking techniques
- Selecting, presenting and implementing proposals
- Understanding cost models and life-cycle costing analysis
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 Analysis
- Understand how value engineering supports effective project and product management
- Analyse Functions and involve stakeholders
- Apply creative thinking techniques
- Evaluate and select Best Value proposals
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 will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes a mixture of speaker input, and interactive group discussion. The focal point of the training course will involve group working on a practical 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.
The Course Content
Day One: Understanding Value Engineering and its Application
- Course Introduction and Post-Course Assessment
- What is value? What is Value Engineering (VE)? Why is it important?
- Defining Value Engineering concepts and principles
- VE Study definition, scope and project phases
- VE team and stakeholders’ analysis and management
- Introducing the case study
Day Two: The Information and Function Analysis Phase – Expressing Project Needs and Constraints
- The VE Job Plan
- The Information Phase – steps and procedures
- The need for Function Analysis in projects
- Identifying functions and selecting Function Diagrams
- Function Analysis System Technique (FAST)
- Workshop: FAST Diagram
Day Three: The Creative Phase - Inspiring Creativity in Your Team
- Function Cost and Worth
- Finding value mismatches
- Facilitation skills and overcoming creativity blockers
- Creativity and Creative thinking within the project environment
- Data collection and Creativity Output
- Workshop: Brainstorm Case Study Alternatives
Day Four: The Evaluation Phase - Making Informed Project Decisions
- Effective Decision-making in project environment
- Project evaluation methods: Subjective evaluation and quantitative evaluation
- Paired comparison and Analytical Heretical Process (AHP)
- Project life-cycle costing and Net Present Value
- Output of the Evaluation Phase
- Workshop: Cost estimating Techniques
Day Five: The Presentation and Reporting Phases – Getting Results through Effective Communication
- Selection of alternatives and action planning
- Reporting VE findings to Senior Management and project stakeholders
- Oral presentation techniques & interpersonal skills
- Study Levels of the VE Certification by SAVE International
- Review of VE Case study Reports and Wrap-up discussions
- Post-Course Assessment
- 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
AZTech as an A.T.P. (Authorised Training Partner) 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.
PMI is a registered mark of the Project Management Institute, Inc.