Abstract
Value Engineering (VE) was first invented in the United States after the 2nd World War. The contractor industry in Japan began to show interest in VE in late 1960s when the tight fiscal policy was implemented after the economic slump following the 1st oil shock.At that time, VE was mainly used as a means of cutting construction cost in the private sector.In recent years, however, the state and local governments VF has been introducing VE in their effort in cutting publicworks expenditures.In terms of effective execution of public works projects, the Board of Audit performs audits with a view of promoting cost savings and improvement of quality in public works. This research article examines the concept of VE, the use of VE in the state and local governments and in private sector corporations, and problems in introducing VE.
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