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Training course overview
This Coventry Academy Value Engineering (VE) Online course introduces a creative process designed to enhance the performance, profitability, innovation, and quality of service within an organization. VE helps organizations achieve the best value by balancing the benefits gained from a project or service against the resources required to deliver it, focusing not solely on cost but on overall value. The course emphasizes effective stakeholder engagement to define business or performance requirements, fosters creativity and innovation, and supports more robust decision-making during project planning, procurement, and execution. By concentrating on performance requirements and minimizing unnecessary work, VE enables organizations to optimize outcomes and streamline processes.
What are the goals?
By the end of this Coventry Academy online training course, participants will be able to:
- Identify Value Mismatches Through the Ratio of Whole Life Costing
- Capture & Incorporate Stakeholders’ Input in the Development of the Project Charter & Plan
- Add Value to Stakeholders Thru Best Value Decisions Based on the Balance of Value Criteria & Resources
- Know the Fundamental Concepts of Value Engineering and Analysis
- Identify Alternative Recommendations to the Management Which Will Improve Value Effectively
Who is this training course for?
This Coventry Academy online 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
Course Outline
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
The certificate
- Coventry Academy e-Certificate of Attendance will be provided to delegates who attend and complete the course