Value Engineering (VE)
is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost.
Information Gathering
This asks what the requirements are for the object. It tries to determine what functions or performance characteristics are important.
Evaluation
In this stage, all the alternatives are assessed by evaluating how well they meet the required functions and how great the cost savings will be.
Alternative Generation (creation)
In this stage value engineers ask; What are the various alternative ways of meeting requirements?
Presentation
In the final stage, the best alternative will be chosen and presented to the client that aligns with their budget needs.
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