course | Cost Optimization through Value Engineering
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MRMC-1487 | Cost Optimization through Value Engineering
Course Sector : Maintenance & Reliability Management
| Duration | Date from | Date to | Course Venue | Course fees | Book a course |
|---|---|---|---|---|---|
| 5 Days | 2025-05-05 | 2025-05-09 | Texas | $5,950 | Book now |
| 5 Days | 2025-09-01 | 2025-09-05 | Dubai | $4,250 | Book now |
| 5 Days | 2025-12-01 | 2025-12-05 | Dubai | $4,250 | Book now |
Course Introduction
Cost optimization through Value Engineering is vital to improving organizational efficiency, reducing expenses, and enhancing overall profitability. By focusing on optimizing the value of products and services, organizations can achieve cost savings without compromising on quality or performance. Value Engineering identifies areas where value can be increased by eliminating unnecessary costs while maintaining functionality, helping organizations remain competitive in a challenging market. Additionally, integrating VE into project management enhances project success by aligning resources, cost, and quality with business goals.
This course provides participants with comprehensive knowledge and practical tools to implement Value Engineering effectively. Over five days, participants will explore the complete Value Engineering methodology, including function analysis, cost estimation, and creative problem-solving. The course will highlight real-world examples and case studies, allowing participants to gain hands-on experience in applying VE principles to their own projects. By the end of the course, participants will be equipped with the skills to drive continuous cost optimization within their organizations, ensuring long-term financial sustainability and value creation.
Course objective
- Understand the principles of Value Engineering (VE) and its role in cost optimization and performance improvement.
- Learn how to conduct function analysis and apply creative problem-solving techniques to reduce costs without sacrificing quality.
- Acquire skills in cost estimation and analysis to identify cost drivers and opportunities for optimization.
- Understand how to integrate Value Engineering into project management and effectively implement VE in various project phases.
- Gain knowledge on how to measure and sustain the benefits of Value Engineering, ensuring continuous improvement and cost optimization over time.
Course Outline | 01 DAY ONE
Introduction to Value Engineering and Cost Optimization
- Definition and Key Concepts of Value Engineering (VE)
- The Role of Cost Optimization in Business Performance
- Historical Development and Evolution of VE
- Value Engineering vs. Traditional Cost Cutting
- Key Elements of the Value Engineering Process
- Identifying Value-Added vs. Non-Value-Added Activities
Course Outline | 02 DAY TWO
Value Engineering Methodology
- The Value Engineering Job Plan: Phases and Steps
- Function Analysis: Identifying and Evaluating Key Functions
- FAST Diagrams (Function Analysis System Technique)
- Techniques for Creative Problem Solving in VE
- Identifying Alternative Solutions for Cost Optimization
Prioritizing and Selecting the Best Value Solutions
Course Outline | 03 DAY THREE
Cost Estimation and Analysis in Value Engineering
- Types of Costs: Direct, Indirect, Fixed, and Variable Costs
- Cost Breakdown Structures (CBS) and Cost Drivers
- Tools for Cost Estimation: Parametric, Analogous, and Detailed Estimating
- Analyzing Costs Across the Product/Service Lifecycle
- Identifying Opportunities for Cost Reduction without Compromising Quality
Evaluating Trade-offs between Cost, Quality, and Performance
Course Outline | 04 DAY FOUR
Implementing Value Engineering in Projects
- Integrating Value Engineering into Project Management
- VE in Design and Construction Phases
- Value Engineering in Product Development and Manufacturing
- Engaging Cross-Functional Teams for Successful VE Implementation
- Change Management and Overcoming Resistance to VE
- Tools for Tracking and Measuring VE Project Outcomes
Course Outline | 05 DAY FIVE
Continuous Improvement and Sustainability through Value Engineering
- Establishing a Culture of Continuous Cost Optimization
- Linking Value Engineering to Lean and Six Sigma Methodologies
- Sustainable Value Engineering: Balancing Costs with Environmental and Social Impact
- Tools for Monitoring Long-Term Benefits of Value Engineering
- VE Metrics and Key Performance Indicators (KPIs)
BOOST’s Professional Attendance Certificate “BPAC”
BPAC is always given to the delegates after completing the training course,and depends on their attendance of the program at a rate of no less than 80%,besides their active participation and engagement during the program sessions.
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