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D. Do you feel it was utilised well and what potential does it have to further enhance its use?

Yes, it was utilised well, as calculated new cost is compared to the estimate cost before implementation. The use of value engineering results in comparing two alternatives I and II, by this procedure company needs to improvise their way to reduce waste time and operation. It can be further enhanced so that cost can be better compared with more alternatives and cost can be further reduced by the comparison of alternatives. It is potential enough so that value engineering can be used more accurately and for more alternatives at a time. It’s further use helps to lower staff costs, further it can minimise paperwork, minimising construction expenditures, and competing successfully in today’s market.

E. Can you think of adapting the method or extend its use for problem solving or decision making related to the fields of construction/ real estate/ project management/ construction economics/ quantity surveying ? (May be a lead for a project topic for you in future)

Yes, adapting this method of value engineering or extending its use for problem solving or decision making related to various fields is very helpful as in this case it’s used in a furniture factory which is related to construction only. It can be used in various phase of construction or in different activities during construction work/ real estate/ project management/construction economics/ quantity surveying. A decision matrix is prepared for selecting the appropriate choice from the feasible options produced during value engineering process . As this case is related to construction industry, in this case value engineering study helps to save ₹290 / piece for alternative – I which is approximately 14.9 % cost saving and a saving of ₹535 / piece for alternative – II which is approximately 27.5% saving. Avg. annual saving for alternative- I is ₹9,50,000 and alternative – II is ₹17,65,000 for these components. A simple improvement in manufacturing process can lead to increase in production in furniture industry. By regular inspection and apply value engineering in various steps starting from procurement of raw materials to production of finished product cost can be minimised without compromising the quality of the product. It can be very helpful in construction industry as many steps are involved in a simple construction or in a simple project which makes a simple project a complex one with various steps involved in it. Value engineering is very fruitful in this conditions. As conventional practices results in huge loss so that quality is compromised for the cost reduction. By value engineering it can be avoided easily. So it will be very helpful for construction work/ real estate/ project management/construction economics/ quantity surveying.