Value engineering is a process in which corrective measures are applied to reduce the project's cost, conforming, though, as much as possible to the original requirements of function, quality and comfort.
This procedure comprises a meeting with the parties involved in the project, during which cost reduction strategies are proposed and analysed in detail. The outcome of the meeting successively translates into a budget’s adjustment and in an accurate report documenting the results.
Based on the report, the project documentation will have to be amended accordingly, so drawings, reports and calculations will reflect the changes.
This process is required to preserve the project’s budget once the quotes are received after tendering.