Value Engineering Application In Life Cycle Of Aluminum Formwork

Value Engineering is an organized/systematic approach directed at analyzing the function of systems,equipment,facilities,services,and supplies for the purpose of achieving their essential functions at the lowest life-cycle cost consistent with required performance,reliability,and quality,while meeting the customer requirement.Value Engineering focuses on accomplishing the required functions at the lowest overall cost.It helps in eliminating or minimizing wastage of material,time,and unnecessary cost,which improves value to the customer.This paper presents the basic fundamental of Value Engineering and its different phases that can be implemented in any product to optimize its value.A case study is discussed an aluminum formwork value analysis of the process in manufacturing and construction site using the value engineering methodology.To find the best possible alternative from the choices we have incorporated a tool named as Decision Matrix and a functional cost evaluation technique.Decision Matrix gives the most appropriate result and is even easy to use.Hence the cost is reduced as a result of the analysis by replacing and eliminating the unnecessary process.From the selected case study,application of value engineering in the aluminum formwork life cycle study our analysis finding led to a saving of ￥19.5/m2 in the manufacturing and construction process which gives the cost saving of 7.60%,a value improvement of 18.95% and ￥ 3,900,000 per year potential gain for the company.