Value Engineering helps identify the necessary elements of a project at the planning stage. It entails utilizing a structured engineering approach, guaranteed to identify and classify all potential opportunities in order to select the most appropriate ones forproject. This leads to the elimination of unnecessary functions to minimize cost. The process is all about “Value”. Hence we can demonstrate in this simple algorithm that:

Value = Function / Cost 

The Value Methodology (VM) therefore can be summarized as  an organized system of investigation using trained multi-disciplined teams to analyze the requirements of a project for the purpose of achieving its essential functions at the lowest total cost (capital, operation, and maintenance) over the life of the project.It is necessary that a formal study be led by a trained Value Specialist and not just by anyone without a vision. With this in mind, how can untrained project owners engineer their own projects in the most cost effective way without an understanding of the Value Methodology? Should they seek the service of a Value Specialist at the beginning stage of the project and take over at the implementation stage? Or, should they let the professionals finish the job for a fee?