Portfolio Semester 6 Cost Value Engineering (QSB 4214)

Cost Value Engineering (QSB 4214)

Lecturer: Sr Lee Wing Tey 
                  Sr Loo Seong King

The module provides the history, background, theories, concepts and principles of value engineering / value management in decision making process.  The module also introduces the idea of unnecessary cost and cost cutting exercise in the cost planning and control stage.  It is then generally covers area of implementation of value engineering and the key person involve – the facilitator.  The module concluded with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies.

Objectives:

1.       To create an understanding in general the value process, function analysis and team dynamics in the client’s value system.

2.       To identify solutions to undertake value studies at different stage of a project. 

3.   To recommend a more collaborative effort towards the promotion and awareness of value management in Malaysian construction industry in an effort to achieve value for money invested.

Learning Outcome:

After taking this subject,

1) I am able to identify the appropriate time to carry out Value Engineering throughout different construction phases.

2) I am able to recognize and recall the contribution of the value engineering /value management in the development process

3) I am able to apply the value management to a value outcome in the decision making process.

4) I am able to analyse the cost and value implications of project scope .and generate a Job-Plan for the implementation of Value Management workshop.

Assignment 

Students in groups of 8 were required to prepare a case study of Value Management application in the Construction Industry .The main aim of this group assignment is to help students develop a deeper appreciation of the concepts learnt in this module by applying them in the assignment. Students were expected to explore outcome of the implication for case study in Malaysia Construction Industry both in public and private sectors. 

Test 

After few months of studying this subject, a mid term test on topics from chapter 1-6 was administered to test the students on waht they have learnt from past few months. This is to test the ability of the students in identifying, analysing and applying the principles of cost value engineering in the test.