Cost Value Engineering
In this module, it taught us the value engineering methodology which emphasizes the return-on-investment aspect of decision-making in terms of life cycle costs during project planning, procurement and execution. Besides that, it also provides history, background and concept of the value management in order to distinguish and differentiate among value analysis, value engineering and value management in the application of construction industry. By learning the concepts and principles of value engineering, it can help us identify alternative ideas or solutions at different project phase to produce the client's best value requirement. This module also helps us to recognise the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage.
Learning cost value engineering also enables us to optimise project costs without sacrificing quality or functionality are highly dependent on the use of a set of systematic and logical procedures and techniques to enhance the whole-life project value. It also was important to us in understanding the roles and responsibilities of facilitator in the Value Management's study. Moreover, we have learned the problem and constraints in the implementation stage based on some case studies.
We have assigned two tasks in this module which are mid-term test and group assignment. In the group assignment, we required to apply the techniques and solutions to reduce the life- cycle costs, improve the budget accuracy and optimise whole-life project value. It also helps us to improve the communication skill and to enhance the thinking and problem solving skills by discussing with the group members and finding the suitable solution. Through the test, we can find out our own knowledge level and test the level of application of theories into the practice in construction industry.
In this module, it taught us the value engineering methodology which emphasizes the return-on-investment aspect of decision-making in terms of life cycle costs during project planning, procurement and execution. Besides that, it also provides history, background and concept of the value management in order to distinguish and differentiate among value analysis, value engineering and value management in the application of construction industry. By learning the concepts and principles of value engineering, it can help us identify alternative ideas or solutions at different project phase to produce the client's best value requirement. This module also helps us to recognise the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage.
Learning cost value engineering also enables us to optimise project costs without sacrificing quality or functionality are highly dependent on the use of a set of systematic and logical procedures and techniques to enhance the whole-life project value. It also was important to us in understanding the roles and responsibilities of facilitator in the Value Management's study. Moreover, we have learned the problem and constraints in the implementation stage based on some case studies.
We have assigned two tasks in this module which are mid-term test and group assignment. In the group assignment, we required to apply the techniques and solutions to reduce the life- cycle costs, improve the budget accuracy and optimise whole-life project value. It also helps us to improve the communication skill and to enhance the thinking and problem solving skills by discussing with the group members and finding the suitable solution. Through the test, we can find out our own knowledge level and test the level of application of theories into the practice in construction industry.
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