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 "Value Analysis is a process consisting of the systematic application of analytical, creative, and evaluation techniques in a multidisciplinary team setting; where the focus is on achieving the required functions, performance, and quality while maximizing value."
As the formal definition above suggests, in today’s environment of growing capital project demands and escalating costs, traditional value analysis can be an essential cost control tool for project design and construction. It is the most effective tool proven to achieve the required functions at minimum cost, without sacrificing needed quality. Also known in some arenas as value engineering, value analysis recognizes that money is a precious resource that must be considered as carefully as the technical viability of a project, and subscribes to the axiom that two (or more) heads are better than one to come up with the right solution. Its strength comes from the varied experiences, perspectives, and interactive dynamics of expert teams drawn from diverse fields, and the use of intended function as the criterion for evaluating designs. The key benefits of value analysis are: - Validating vital project decisions
- Keeping projects within budget
- Reducing operation and maintenance activities and costs
- Improving project performance, function, and quality
- Mitigating design and construction risks
- Ensuring that client needs are given top priority throughout a project
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