Strategic Value Engineering & Cost Optimization
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Program Professional Framework
Strategic Value Engineering & Cost Optimization
Program Overview
Large capital programmes and tighter budgets across the Gulf have made value for money a strategic priority rather than a late-stage cost-cutting exercise. This programme combines value engineering and strategic cost optimisation: applying the value methodology job plan, function analysis and FAST diagrams to projects, products and services; evaluating alternatives through life cycle costing; and extending the approach to organisational costs through spend analysis, zero-based budgeting and should-cost modelling. Participants learn to improve value by protecting essential functions while removing unnecessary cost.
Learning Outcomes
- ✓Facilitate a value engineering study using the six phases of the value methodology job plan.
- ✓Perform function analysis and build a FAST diagram to separate basic from secondary functions.
- ✓Evaluate design or service alternatives using life cycle cost analysis and weighted value criteria.
- ✓Analyse organisational spend to identify cost reduction levers across categories and cost drivers.
- ✓Apply zero-based budgeting principles to challenge a cost centre budget.
- ✓Prepare a value improvement proposal with quantified savings, risks and implementation plan.
Target Audience
- Project and design managers on capital programmes
- Cost engineers, quantity surveyors and estimators
- Finance and budgeting managers
- Procurement and operational excellence specialists
Detailed Program Modules
01Value and Cost Strategy
- Value, function and cost relationships
- Value engineering versus cost cutting
- Value for money in public and capital projects
02The Value Methodology Job Plan
- Information, function analysis and creative phases
- Evaluation, development and presentation phases
- Planning and facilitating value workshops
03Function Analysis and FAST Diagrams
- Defining functions with verb-noun pairs
- Building FAST diagrams
- Function-cost allocation
04Evaluating Alternatives
- Life cycle costing principles
- Weighted criteria and value indices
- Risk and constructability considerations
05Strategic Cost Optimisation
- Spend analysis and cost driver mapping
- Zero-based budgeting
- Should-cost modelling and supplier negotiations
06Implementing and Sustaining Savings
- Value improvement proposals and approval
- Tracking realised savings
- Embedding value practices in project governance
Training Methodology
Applied Project & Assessment
Applied Project
Participants conduct a value engineering study on a project, product or service from their organisation, including function analysis, FAST diagram, alternative evaluation with life cycle costs and a value improvement proposal with quantified savings.
Assessment
Short diagnostic at the start, practical tasks linked to each learning outcome, and evaluation of the applied project against published criteria.