COST VALUE ENGINEERING
Reflection
In this last semester, Cost Value Engineering module teaches us Definition of Value Engineering, history and Philosophy of Value Engineering, distinction between Value Engineering/Value Management/ Value Analysis, Concept of Value, Cost, Function and Worth, Unnecessary Cost, Implementation of Value Management, VM tools and techniques and the Facilitator, Job Plan and Workshop, Benefits of Value Engineering/Management – financial and non-financial, Problems and Constraints of Value Engineering/Management.
I learnt that VM study is not the traditional cost cutting tool like omission of an element in the construction as it is a systematic process to optimize the original project cost through the best option. Evolution of Value Management not only in Projects, Systems and Facilities but also evolved into the scope of services of Quantity Surveying Consultancy Practice.
GROUP ASSIGNMENT
This group assignment consists of 9 members, and we need to consult a Cost Value Engineer and request a completed project to evaluate and prepare a report regarding on the completed building. Other than that, we have to prepare a presentation slide regarding on the report to give a clearer view of the report.
In this report, I was assigned to write on the VM tools used by the project which is the technical data supporting the alternative design. Through this assignment, I was able to understand how to eliminate the unnecessary cost by reducing the excessive floor area and substitute cheaper construction material with cheaper life cycles cost.
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