Course Methodology

The course is interactive and is comprised of lectures, case studies, technical process learning and supplemental discussions related to various industries and the challenges of implementation.

Course Objectives

By the end of the course, participants will be able to:

• Implement Value Engineering in the workplace
• Increase asset reliability and availability to world class standards
• Reduce unscheduled downtime and production interruptions
• Reduce maintenance costs by 50-70%
• Learn global benchmarking standards

Target Audience

Engineering professionals who have at least three years of experience. Those include Maintenance Managers, Maintenance Supervisors, Maintenance Engineers, Operational Excellence Personnel, Reliability Engineers, Plant Managers, Engineering Managers, Manufacturing Managers, Production Managers, Operations Managers, Project Managers, Asset Managers and Quality Assurance Personnel.

Target Competencies

• Value Techniques
• Budget Analysis
• Life Cycle Costing
• Project Management

Introduction to Value Engineering (VE)

• Objectives of Value Engineering
• When to apply Value Engineering
• Impact of Value Engineering
• Introduction to project scope
• Budget analysis
• Elements of the project budget

Introduction to Value Engineering

• Value techniques
• The Total Value Management Concept
• VE phase relationships – Value management in design
• Classes of Value
• Types of Value
• When to apply Value Engineering

Function evaluation

• Basic and secondary functions

Function Analysis Systems Technique (FAST)

• FAST procedure
• FAST examples

The Six-Step VE Job Plan

• Information
• Speculation
• Planning
• Execution
• Reporting
• Implementation

Speculative Phase Creativity

• Brainstorming
• Nominal group technique
• Cause and effect analysis
• Pareto charts
• Total Cost concept
• Life Cycle Costing (LCC)

Building on speculation

• The nature of information
• Elements of manufacturing cost

VE Workshop Team Projects

• Review VE plan of attack

Report format