What is Value Engineering? Project Management in Under 5

Value Engineering is a process of modifying designs or processes to enhance value by balancing functionality and cost. It involves identifying key elements, analyzing their functions, and developing cost-effective alternatives. While it can lead to cost savings, misuse as mere cost-cutting can compromise quality, as seen in the Grenfell Tower disaster. Properly applied, it can improve project outcomes by carefully scrutinizing compromises.

In what ways can Value Engineering be misinterpreted?

What are the potential risks associated with Value Engineering?