An Intensive 5-day Training Course
Advanced Value Engineering
- Format: Classroom
- Duration: 5 days
- Language: English
- Accredited: CPE, KHDA Certified training courses
CLASSROOM DATES
INTRODUCTION
Value Engineering (VE) is used in the project lifecycle to engage stakeholders to understand and capture the functionality requirements, apply a structured, independent methodology to improve functionality and reduce or optimize costs. The VE methodology is creative and innovative in identifying value-mismatched functions and replace them with best value solutions.
This Advanced Value Engineering training course focuses on both the fundamentals of value engineering methodology and the advanced techniques on how to give the Project Stakeholders high levels of confidence for Value Engineered project delivery in terms of quality, cost, and time.
TRAINING OBJECTIVES
This training course aims to enable participants to achieve the following objectives:
- Understand the basics of cost management and value engineering
- Confidently estimate project costs using recommended best practices
- Incorporate Value Engineering into a project at the right time
- Learn and apply the best techniques used in Value Engineering
- Learn how to evaluate and communicate VE results to stakeholders
WHO SHOULD ATTEND?
This EuroMaTech training course is designed specifically for those professionals who are Project managers and program managers, cost estimators, design teams and implementation teams of systems, processes, and facilities, as well executives and project owners wishing to optimize the value of their projects and operations.
TRAINING METHODOLOGY
This Advanced Value Engineering training course will combine presentations with interactive practical exercises, supported by video materials, activities, and case studies. Delegates will be encouraged to participate actively in relating the principles of value engineering as well as the implementation of it on their projects and operations.
TRAINING SUMMARY
This Advanced Value Engineering training course covers methods on gathering and defining client requirements regarding Value Engineering objectives, estimating project costs using proven techniques for incorporating risk contingencies, analysing project functions and determine value miss-matched functions, preparing and evaluating a list of alternatives to improve value in terms of benefits, quality, and decreased cost, as well as developing the best selected alternatives into value proposals to be presented to the stakeholder and integrate them into the original plans before implementing them.
TRAINING OUTLINE
Day 1 - Fundamentals of Cost Management and Value Engineering
- What is a project? What is project management?
- Project Cost Estimating and budgeting
- Project Risk Management processes, tools, and techniques
- What is Value Engineering?
- Value Engineering benefits
- Different Value Engineering Standards
- Case Study of results implementing Value Engineering
Day 2 - Information and Functional Analysis Phase of VE
- Overview of Value Engineering Phases
- The Information Phase – steps and procedures
- Developing Value Engineering Job Plan
- The Function analysis Phase and Function-Cost-Worth Analysis
- Developing FAST Diagrams to identify critical project components
- Case Study: Value Engineering Workshop I
Day 3 - Creativity Phase of VE
- The Creative Phase: purpose and activities
- Creativity techniques: Brainstorming, Delphi technique and others
- Identifying priorities through paired comparison
- Importance of team format in Value Engineering sessions
- The output of the creativity phase
- Case Study: Value Engineering Workshop II
Day 4 - Evaluation and Development of VE Proposals
- The Evaluation Phase: purpose and activities
- The Evaluation Phase Outputs
- Life-cycle costing, present value and discounted cash flow
- Multi-criteria evaluation methods
- The Development Phase and its outputs
- Case Study: Value Engineering Workshop III
Day 5 - Presentation, Reporting and Implementation of the Results
- Report and present VE findings to Senior Management
- Overcoming the Resistance of Stakeholders
- Incorporating VE into project Execution
- Capturing Lessons learned and Process Improvement
- Case Study: Reviewing sample real-world VE reports
- What is your Plan to implement VE in your organization
- Final Review and closing thoughts
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ACCREDITATION
EuroMaTech is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
Taught by our team of highly qualified trainers, our KHDA approved training courses will provide you with an enriching learning experience and practical knowledge that will help you future-proof your career and support professional development within your organisation.
