A systematically organized effort to analyze functions of systems, equipment, facilities, services and supplies for the purpose of achieving essential functions at Lowest Life Cycle Cost, consistent with required performance, reliability, quality and HSE.
Value Engineering exercise is a:
- Structured, rigorous approach to identifying value creation opportunities
- Checkpoint to test and challenge current thinking, including external reviewers
- Team building and development through collective, unconstrained thinking on high value problems or opportunities
