A job‐plan based performance evaluation for construction value engineering study

Abstract

Value Engineering can reduce costs and enhance the value of projects. Currently, the acceptance rate of Value Engineering Study (VES) recommendations and total potential savings are considered the principal performance indicators of a VES. In reality the success of a VES depends on numerous interrelated factors not easy for a VES team to control. However, a study team can ensure the success of a VES by fully implementing a VES job plan. Thus, realizing a job plan is a principal contribution toward insuring the success of the VES. This study presents a novel model that is able to evaluate the performance of a VES for a construction project. Two questionnaires, distributed to VE experts, were used to collect data needed for this research. Factor analysis, AHP, and SWAM were applied to build the VES performance evaluation model which consists of six evaluation groups and thirty‐two evaluation items. A real‐life VES for a construction project was then analyzed using the proposed model to demonstrate its usefulness in performance assessment. Defects of the VES were identified and suggestions were provided for the particular VES. The proposed model can be used by VES teams for self‐diagnosis, improvement, and motivation in achieving enhanced performance.