Why Attend This Training Course?

Value Engineering plays a crucial role throughout the project lifecycle by facilitating stakeholder engagement to ascertain and capture essential functionality requirements. This structured and independent methodology seeks to enhance functionality while optimizing costs through innovative approaches that identify and rectify value-mismatched functions. The Advanced Value Engineering training course is designed to equip participants with both foundational knowledge and advanced techniques, thereby instilling confidence in Project Stakeholders regarding the delivery of Value Engineered projects with respect to quality, cost, and time.

What Is The Training Course Methodology?

This training course methodology depends on enabling participants to interact and exchange experiences, explore their competencies and achieve their career aspirations, using forward-thinking training arts, such as theoretical lectures and/or open discussion to exchange opinions and experiences, scenarios, innovative thinking brainstorming. Participants will receive an agenda including training material as a reference, in addition to some extra notes and booklets. 

Who Should Attend This Training Course?

This training course is designed for all those responsible for making significant decisions concerning plans and budgets for large and complex projects.

What Are The Training Course Objectives?

• Comprehend fundamental principles of cost management and value engineering.

• Accurately estimate project costs utilizing established best practices.

• Integrate Value Engineering into projects at optimal stages for maximum impact.

• Acquire and implement effective techniques employed in Value Engineering.

• Assess and effectively communicate Value Engineering outcomes to stakeholders.

What Is The Training Course Curriculum?

Project Cost Estimating and Budgeting

• Importance of Accurate Cost Estimation

• Budgeting Techniques in Project Management

• Project Risk Management

• Definition and Importance of Risk Management

• Processes, Tools, and Techniques for Risk Management

Understanding Value Engineering

• Definition and Purpose of Value Engineering

• Benefits of Implementing Value Engineering

• Overview of Different Value Engineering Standards

• Practical Application of Value Engineering

Information and Functional Analysis Phase of VE

• Overview of Value Engineering Phases

• The Information Phase: Steps and Procedures

• Developing the Value Engineering Job Plan

• Function Analysis Phase: Function-Cost-Worth Analysis

• Development of FAST Diagrams

Creativity Phase of VE

• Purpose and Activities of the Creative Phase

• Creativity Techniques: Brainstorming, Delphi Technique, and Others

• Identifying Priorities: Paired Comparison Method

• Importance of Team Dynamics in VE Sessions

• Outputs of the Creativity Phase

Evaluation and Development of VE Proposals

• Purpose and Activities of the Evaluation Phase

• Life-Cycle Costing

• Present Value and Discounted Cash Flow Analysis

• Multi-Criteria Evaluation Methods

Presentation, Reporting, and Implementation of Results

• Reporting VE Findings to Senior Management

• Strategies for Overcoming Stakeholder Resistance

• Integrating VE into Project Execution

• Capturing Lessons Learned and Ensuring Process Improvement

• Final Thoughts on Value Engineering Practices