The Society of American Value Engineers International defines value engineering as, “a function-oriented, systematic, team approach to provide value in a product, system, or service.” In renovations, value engineering has always meant one thing: an approach to help clients save money without compromising quality. True value engineering is not simply a matter of cutting costs, but rather giving careful consideration to all options, always with the project's goals in mind. A well-planned and well-executed value-engineering process can improve a project without sacrificing its essential integrity.
Larry Miles, considered by many to be the father of value engineering, introduced this process nearly 70 years ago. When Miles developed the analytical field of value analysis for General Electric after the Second World War, he identified two elements of the value equation: function and cost. He then balanced them against one another. As Miles approached the problem of enhancing value, his objective of value analysis was to identify all elements of function and cost, and to express their mutual interdependency so that an informed decision could be made between the two.
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