Value Engineering Services

Nearly all small businesses today struggle to make a profit and grow their companies. The unpredictable costs of raw materials often make it difficult to plan projects far in advance. One effective way to keep costs as low as possible is value engineering. If you’ve never heard of it, you might be wondering What is Value Engineering? Basically, it is the process of evaluating a product design and determining ways to save money in manufacturing. To be successful in reducing costs, an analyst must look at the functions of the product rather than what the product is. By quantifying the uses of the product, analysts can look for ways to perform the same functions more cost-effectively. Through the process of breaking down the functions into their most basic terminology, analysts can then determine which less costly materials can do the same things.

The Beacon Projects Group

The Process

  • Value Engineering starts with gathering information about the product or process. Your analyst will look at the way things are currently being done and the costs of each step in the process. In addition to considering the functions the product must do, this analysis also looks at what it must not do.
  • The second stage of the Value Engineering Process entails thinking of alternative ways to perform the product’s functions. At this stage of the process, your analyst already knows what the product should and shouldn’t do. By devising new ways to achieve the same functions, value engineering can save your company a lot of money without compromising the effectiveness of your final product.
  • After finding a variety of ways to achieve the same results, the analyst will then examine the costs of each of the new methods and figure out how much you can save by using different materials. Value Engineering for Construction Projects might entail evaluating how well the alternative materials will perform the basic functions and the extent of cost savings you stand to gain by using different materials.
  • Finally, you will be presented with the conclusions of the analysis and be able to make a final decision on the future of your products.