COST VALUE ENGINEERING (QSB 4215)

Personal Information 

Name: Yvonne Lai Yee Vun
Student ID: 0304029
Date of Birth: 10th August 1992
Intake: July 2011
Semester: Semester 6, August 2014

General Content

The module provides the history, background, theories, concepts and principles of value engineering / value management in decision making process. Students also will be introduced to the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage. The module concludes with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.  

Prerequisite: Cost Value Engineering
Credit Hours: 4/5
Instructor: Sr. Loo Seong King

Reflects

After the 14 weeks on the learning of this subject, I am more understanding the value process, function analysis and team dynamics in the Client's value system.  Besides, I am able to recognize the contribution of the Value Engineering/ Value Management in the development process. Other than that, through this module, I am also able to analyse the cost and value implications of project scope and generate a Job Plan for the implementation of Value Management workshop. 

• What is Value Management?

Value Management is known as a rigorous, systematic and innovative methodology with multi-disciplinary approach to achieve better value and cost optimization for projects, products, facilities, systems and services without forgoing the needed level of performance. 

• Value terminology 

The Value Terminology in the various stages of work plan and the application.

• Application of Value Management 

• Value Management Process

There are generally 3 stages in the Value Management Process and each stage indicates tasks to be carried out.

Value Management Workshop (Job Plan)

• Barriers to Value Management 

In Malaysia, there are few common barriers in the industry that hinder implementation of Value Management. 

                                

During this subject, we are assigned with a group assignment, with a group of 7 which stands 30% out of the overall result. It is indeed an interesting assignment as we require to prepare a case study of Value Management application in the Construction Industry. Besides, we are expected to explore outcome of the implication for case study in Malaysia Construction Industry both in public and private sector. Through this assignment, we are able to develop a deeper appreciation of the concepts learnt by applying them in the assignment. This assignment provides me the capability of discipline specific knowledge, where I am able to apply theories into practice. I believe that this module will provide me a life long learning and advance me in my career when i graduate.