Cost Value Engineering (QSB 4214)

Lecturer name: Mr Lee Wing Tey
Lecture: Every Tuesday 1pm-3pm
Tutorial: Every Thursday 10am-12pm




Interpret what I have learnt  
This module covers:-
Chapter 1:Introduction
Chapter 2:Definition of value management
Chapter 3:History and Philosophy of value engineering
Chapter 4:Distinction between value engineering/ value management/ value analysis
Chapter 5:Concept of Value, Cost, Function and Worth
Chapter 6:Unnecessary cost
Chapter 7:Implementation of value management 
Chapter 8&8b: Value management tools and techniques 
Chapter 9:The Facilitator
Chapter 10: Job plan and workshop
Chapter 11:Benefit of value engineering/ management - financial and non-financial
Chapter 12:Problems and constraints of value engineering/ management


Only 1 group assignments in this module

Assignment 1: This assignment is a case study report for project implementing value management in the construction industry. The report should includes primary purpose and description of the study, functional analysis, sketches before and after proposed changes, selection of alternatives, cost analysis, action plan, conclusion and recommendation.

Learning outcome for this module:

Throughout this 14 weeks of learning for this subject, I have learnt on how to finance a company with implementation of value management. Furthermore, VM is a critical to the success of projects as it provides a basis for improving value for money in construction (Ashworth & Hogg 2000).

My Future Plan

To be a well prepared QS, cost value management is very important for a QS to finance the project so that the project is within client expectation. The assignment given is to build up my knowledge on how to forecast on cost analysis for a project with a higher value without reduce its quality to achieve an optimal balance between time, cost and quality. I hope that I can do well in my future as a QS to provides a basis for improving value for money in construction projects.