Value Engineering isn’t a new concept. It first appeared during World War II when American industrial behemoth General Electric sought ways to improve manufacturing processes to enhance the war effort despite facing material shortages.
This concept once again came to the fore with raw material shortages impacting the global economy. But what does it entail, especially for the construction industry which consumes large amounts of raw material?
In the sphere of the construction industry, KREO explains that value engineering is an essential construction concept that helps reduce costs and ensure a project is completed within budget.
It involves using real-world data and technology to identify areas where cost savings can be made without compromising the quality of the overall project.
When making decisions during the estimation process, value engineering allows contractors to measure how different components will impact the total cost of a project.
Through careful analysis of past projects and current market trends, construction professionals can make informed decisions about which components offer the best value for money.
Value engineering also helps inform decisions about when to hire personnel or purchase new materials or equipment for any given project.
The ultimate goal of value engineering is to maximise efficiency while minimising cost by considering additional factors such as project location, structural integrity, and safety measures when calculating estimates.
HCK Capital Group has always sought to remain ahead of the curve. This is exemplified by its motto – ‘Done. Differently. Definitely’. It has added a new division – Platforms – to complement its property business.
The concept of value engineering is central to many components in the Platforms division. One of them is iconstech, which will offer a powerful value-engineering app that aims to provide a comprehensive, one-stop solution to their clients by utilising real-time big data and analytics. For more information, please go to: https://iconstech.net/
