Value Engineering (VE) is a practice whose goal is, always, to achieve
value for money. VE found its first applications in U.S. manufacturing at the end of World War II. Its introduction to construction in the early 1960s was fueled by the U.S. military and expanded throughout the U.S. government. Subsequently, its use has spread globally.
Today, VE is not only recognized but also acclaimed as one of the best Value Improving Practices that management can employ. Its successful application to strategic planning, quality improvement, management studies, manufacturing, and construction has demonstrated both its versatility and its durability as a management practice. Three things differentiate VE from other management tools:
 | VE is function based |
| VE is multidisciplinary |
| VE follows a specific methodology |
In Industry, VE enables you to:
| Reduce time to market |
| Reduce product and operating costs |
| Use resources more effectively |
| Compete successfully internationally |
| Increase employee involvement/contribution |
In Government, VE enables you to:
| Optimize scope and budget |
| Clearly define the project/process approach |
| Reduce waste |
| Gain consensus |
| Give clear direction to the project team |
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