Value engineering aims to increase the value of a product by improving its functionality or reducing costs. It uses a team-based approach to evaluate a product's functions, manufacturing processes, costs, and design prior to major investments. The value engineering process involves information gathering, idea generation, analysis, development of proposals to improve value, and presentation of results. It seeks the lowest cost way to achieve desired functions rather than the lowest production costs.
Products and Value: An Agile Perspective BY Matt Nudelmann (GUEST PRESENTER)Samuel Chin, PMP, CSM
You may have heard of Agile methodology before, especially in the context of web development ... but can we apply Agile principles to our study of process?
In this session, guest presenter Matt Nudelman explains how to understand some core elements of process, Product and Value, from an Agile point of view. He covers a range of topics including: the difference between a product and a project, Agile project management, the 80/20 rule, what an MVP is, and defining value using the Agile framework.
We also discussed how these principles apply to the process work we've been doing, and what we can take away for practical application.
----
Matt Nudelman, Scrum Master and Project Manager, began working in digital sometime before the last Dot Com boom, and has seen the rise of development methodologies coincide with his interest in efficient work practices. He has managed projects for Morgan Stanley, the New York Times, advertising agencies, and lots of companies you never heard of. Currently, Matt works with teams at Viacom to produce great software and to maximize their Agile effectiveness.
Products and Value: An Agile Perspective BY Matt Nudelmann (GUEST PRESENTER)Samuel Chin, PMP, CSM
You may have heard of Agile methodology before, especially in the context of web development ... but can we apply Agile principles to our study of process?
In this session, guest presenter Matt Nudelman explains how to understand some core elements of process, Product and Value, from an Agile point of view. He covers a range of topics including: the difference between a product and a project, Agile project management, the 80/20 rule, what an MVP is, and defining value using the Agile framework.
We also discussed how these principles apply to the process work we've been doing, and what we can take away for practical application.
----
Matt Nudelman, Scrum Master and Project Manager, began working in digital sometime before the last Dot Com boom, and has seen the rise of development methodologies coincide with his interest in efficient work practices. He has managed projects for Morgan Stanley, the New York Times, advertising agencies, and lots of companies you never heard of. Currently, Matt works with teams at Viacom to produce great software and to maximize their Agile effectiveness.
Value Management concentrates on the actual needs of the user to focus its resources. It is different to cost-cutting exercises, which achieve economies by using less or cheaper materials.
The Value Management approach involves the use of creative techniques, combined with the latest technical information on materials and construction methods.
QUS5207 COST CONTROL 2 VM: CONCEPTS, TERMS, RISKS & COSTSLizz Sim Kit Mun
This is the presentation slideshow for presentation group about the concept of Value Management (S1)
Group members:
Fong Hui Ping i14005404
Natalie wong yee tong i14005530
Tan zhen ni i14005407
Dim kit mun I15008570
VALUE ENGINEERING IN RESIDENTIAL HOUSE CONSTRUCTIONIAEME Publication
The current construction practices require a great effort to balance the factors such as money,time and quality. Comparing with other industries it seemed that construction industry remains the toughest one to deal with. It is proven that certain modern techniques can be easily adapted to the
project to balance the factors above said. Value engineering is an efficient tool among them for fostering the construction quality with an aim of low cost and high services. The value engineering study is carried out with analysis of basic functions of the project and based on that analysis unwanted elements in the project are scrutinized and eliminated.
1: Value Analysis provides great turnaround in the operations of the businesses.
2: Use Value Analysis to analyze and understand the detail of cost for specific situations.
3: Use it to find a focus on key areas for innovation.
4: Use it in reverse (called Value Engineering) to identify specific solutions to detail problems.
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Value Management concentrates on the actual needs of the user to focus its resources. It is different to cost-cutting exercises, which achieve economies by using less or cheaper materials.
The Value Management approach involves the use of creative techniques, combined with the latest technical information on materials and construction methods.
QUS5207 COST CONTROL 2 VM: CONCEPTS, TERMS, RISKS & COSTSLizz Sim Kit Mun
This is the presentation slideshow for presentation group about the concept of Value Management (S1)
Group members:
Fong Hui Ping i14005404
Natalie wong yee tong i14005530
Tan zhen ni i14005407
Dim kit mun I15008570
VALUE ENGINEERING IN RESIDENTIAL HOUSE CONSTRUCTIONIAEME Publication
The current construction practices require a great effort to balance the factors such as money,time and quality. Comparing with other industries it seemed that construction industry remains the toughest one to deal with. It is proven that certain modern techniques can be easily adapted to the
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1: Value Analysis provides great turnaround in the operations of the businesses.
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https://viralsocialtrends.com/vat-registration-outlined-in-uae/
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
2. Value
• Value is the cost of product the customer is willing to pay. The ratio
between a function for customer satisfaction and the cost of that
function.
• Valuemax = functionmax /Costmin
• Value analysis or value engineering is increasing the value of product
by increasing its function or by reducing the cost.
3. Value Engineering
• Value Engineering supports the product development process concerning new
products. It requires a team based product evaluation prior to capital investment
in people, plant, equipment or tooling.
• It supports the product development process by building value into the process.
Value engineering can help control the scope of the design process and helps to
utilize capital investments more efficiently.
• Value Engineering is a systematic method to improve the value of products and
services by using an examination of their functionalities. Value is defined as the
ratio of benefit to cost. Value can be increased by improving the functionality
benefit or reducing the cost.
• Value Engineering uses rational logic and the analysis of functionality to identify
ways to increase value.
4. Value Engineering
• VE is a creative, organized effort, which analyses the requirements of a project
for the purpose of achieving the essential functions at the lowest total costs
(capital, staffing, energy, maintenance) over the life of the project.
• Value Analysis is the team based and methodological evaluation of an existing
product in a broad range of areas of the process including current
manufacturing process, functionality, cost and design.
• This process requires each of these components to be thoroughly evaluated
and scrutinized in order to obtain decreased costs, increased profit, improved
quality, function and performance, and most importantly improved customer
satisfaction.
8. VE phases
• Information Phase
• Understand, Analyze and Define the objectives and key criteria governing the
project. gain an understanding of the problem and any solutions that have
been proposed.
• Speculation (Creative) Phase
• This step in the VE study involves the listing of creative ideas. Team members
develop a dynamic backlog of the existing workload by breaking it down into
several separate iterations.
• Evaluation (Analysis) Phase
• In this phase of the Project, the VE Team, together with the Client and/or
Users. The phase in the sales funnel where customers make final decisions
about whether they plan to make a purchasing decision. Its purpose is to
make judgments about a program, to improve its effectiveness, and/or to
inform programming decisions.
9. VE phases
• Development Phase (Value Management Proposals)
• During the development phase of the VE study, many of the ideas are
expanded into workable solutions. companies focus on establishing
themselves through activities such as market research, product
development, and the construction of new manufacturing facilities.
• Presentation Phase (Report/Oral Presentation)
• A briefing/oral presentation of results is made to the Client and Users,
as well as the Design Team representatives.
12. Value engineering vs Cost cutting
VE is to find the lowest cost way to perform the desired function
rather than the lowest cost way of producing the product.
14. Action Plan - VE
• Review the program
• Perform a functional analysis of the facility
• Obtain the owner/users definition of value
• Define the key criteria and objectives for the project
• Verify/validate the proposed program
• Review master plan utility options (e.g. Central Utility Plant versus
individual systems)
• Offer alternative solutions (square footage needs per function,
adjacency solutions, etc.)
• Verify if the budget is adequate for the developed program
15. Action Plan
• Create a Value Roadmap
• The roadmap should include
• Inception/setup
• Planned releases: define set of value components that could or
should be moved to production together
• Value activation: plan move to production
• Demonstrate Value
• Value must be delivered and demonstrated to guarantee value
perception