Value Management and Value Engineering

In: Business and Management

Submitted By arslansayani
Words 4135
Pages 17
STUDENT NAME

DEGREE

PROJECT SUPERVISOR

PROJECT TITLE Engineering and Management Practice in UAE and Significance of its Post Economic Crisis
DATE

KEYWORDS Value
Sustainable development
Management

Literature Review
1.1 Introduction
Extensive research has been done on value engineering and value management over the past and as a result different concepts have been formulated and valuable literature has been produced. However, most of this research has been based upon cost effectiveness and other functional issues that have been arising over the past decades and why it is important to focus on this particular aspect.
The literature has been reviewed, focusing on various aspects of value engineering and value management and its importance in construction industry, so as to obtain a better understanding as to the role of sustainability in civil engineering. Literature has also been reviewed into what factors lead to the implementation of basic principles of value engineering and value management.
1.2 Value
Value is a term which is difficult to define by most scholars. It carries different meaning and weightage for different people. It is commonly linked with product cost or product manufacturing price and service cost (Cheah and Ting, 2005). Typically, it is defined as the ratio of the product worth which it carries for a person and the price he / she pays for it. 100 percent value can be achieved if the product or service received is worth the money which is being paid for it (Elias, 1998). This perspective indicates that value is a subjective term which differs from person to person, as value of a particular product can be good for one person may not be so good for other (Shen and Liu, 2004). Value analysis comes into applicability when it is felt that a product costs too much and is more than it’s worth, there is always a scope…...

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