Cost Value Engineering

Cost Value Engineering (QSB 4215)

The lecturer for this module is Sr. Loo Seong King. Basically the module provides the history, background, theories, concepts and principles of value engineering / value management in decision making process. The module also introduces the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage. It is then generally covers area of implementation of value engineering and the key person involved – the facilitator. The module concludes with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.

This module is quite new for me as it is the first time I heard the tern VM (Value Management). With the help from Sr. Loo, I am able to understand the advantages and disadvantages of VM, and also the background and history of VM.

There is 1 mid-term test and 1 group assignment for this module. The title of our group assignment was: Case Study Report on Project implementing Value Management in the Construction Industry. For the group assignment, we were to prepare a case study report on a project of our choice where a Value Management study has been conducted by our value management team. We were to source from actual case studies conducted for ideas on the problem and VM methodology that can be applied to a project of our own.

Picture above shows the ground floor plan before and after usage of VM.

Picture above shows the first floor plan before and after usage of VM.