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Value engineering can be divided into two primary activities:
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Value |
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Satisfaction of Needs |
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Resources Used |
The traditional Cost Planning approach to a project aims to ensure that the budget is not exceeded, but such an approach does not specifically address the real problem of ensuring that true value is designed into the project. Value engineering is not simply a cost cutting exercise, but identifies and eliminates the unnecessary cost (that is, the cost that does not contribute to a function), which is inherent in all construction projects.
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