QSB4215 - Cost Value Engineering

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 involved – the facilitator. The subject then concludes with a series of discussion on the problem and constraint in the implementation stage based on some significant case studies. The lecturer of this module is Sr. Loo Seong King which we all are familiar. This subject is quite new for us as it is the first time we heard the term VM. ( Value management). As we progress, we finally get to understand the benefits and disadvantages of VM. The background and history were also taught.

There is 1 group assignment and 1 mid term test before Final Exam. For the group assignment, we are required to work in a group and prepare a case study report. Prior to the case study, we have to source for an actual VM report to work as a reference which we can apply into the case study. My group contacted Institute of VM which reverted us to an experienced Value Manager. He was helpful and guided us through the implementation of VM in the report. The main aim of this group assignment is to help us develop a deeper appreciation of the concepts learnt in this module by applying them in the assignment. We chose a shop houaw for the usage of VM. Uncessary costs and spaces were identified so that it be reduced or omitted in order to produce a cost-effective design development.