Application of Value Engineering for an Institutional Building

Abstract

Construction industry is the second largest industry in India after agriculture. It accounts for about 11% of India’s GDP. Construction projects are carried out in different countries with heavy investment. Many projects fail due to causes such as lack of information, change in technology, temporary condition, time constraint and absence of good coordination. Value Engineering (VE) is the technique whose concern is to reduce cost and also to enhance the function in order to improve value of the material. It also helps in eliminating or minimizing the wastage of materials, time and unnecessary cost. VE technique has been arrived through a systematic approach that is known as job plan. The job plan consists of a number of 7 phases in a sequential way such as information phase, functional phase, creativity phase, evaluation phase, development phase and implementation phase. This paper aims to bring out the effectiveness of using VE in a pilot study building and its influence on the performance of the building. Similarly, the life cycle costing analysis for the chosen building project is also done to enable evaluation and comparison of the construction, operating and maintenance cost of building over its life span.