Value Engineering & Value Management Training Course

The Value Engineering & Value Management Training Course equips project managers, engineers, designers, procurement and cost professionals, and decision makers with a structured, function-based methodology to improve the value of projects, products, services, and processes by achieving required functions at the lowest life cycle cost without compromising quality, safety, performance, or sustainability. In government entities, ministries, public authorities, healthcare systems, banks, energy and utility companies, construction, infrastructure, manufacturing, and service organizations, and large corporations, value engineering and value management help optimize capital investments, reduce waste, resolve design and scope issues, and ensure that resources are directed toward what truly matters to users and stakeholders. Many organizations attempt to reduce costs by cutting scope, specifications, or quality late in the project, often creating problems in operation and maintenance. Others hold informal review meetings described as value engineering that lack a structured method, clear objectives, or the right participants. Projects may be over-designed, include unnecessary features, or rely on solutions that are costly to operate and maintain. Value studies may also be scheduled too late to influence key decisions, and ideas generated in workshops may not be properly evaluated, developed, approved, and implemented. This course provides a comprehensive and practical introduction to value engineering and value management, informed by internationally recognized value methodology and standards. Participants learn the concepts of value, function, cost, and worth, the differences between value planning, value engineering, and value analysis, and how value management fits into the project and asset lifecycle. The program covers the structured value methodology job plan, including preparation, information gathering, function analysis, creativity, evaluation, development, presentation, and implementation. Participants learn function identification using verb-noun definitions, function analysis system technique diagrams, cost and worth analysis, cost models, and life cycle costing, as well as creativity techniques, evaluation methods including weighted criteria and multi-criteria analysis, and the development of value proposals with supporting cost, risk, and implementation analysis. The course also addresses planning and facilitating value workshops, team composition, and the optimal timing of value studies, the application of value engineering to construction and infrastructure, equipment and manufacturing, services, processes, and IT, value engineering change proposals and savings-sharing mechanisms in contracts, integrating value with risk management and sustainability, and establishing an organizational value management program with tracking of implemented savings and benefits. The course is delivered through an interactive, application-focused approach with function analysis exercises, FAST diagram workshops, creativity and evaluation sessions, and a full value engineering study conducted by participants on a realistic case. Participants leave with a value study planning checklist, a function analysis worksheet, a FAST diagram template, a cost-worth and life cycle cost model, an idea evaluation matrix, a value proposal template, and a value management program outline.