Value analysis (VA) (aka value engineering, value methodology or value management) is a systematic approach that is focused on functions and aims at the optimization of the value of products, projects or processes.
- Information Phase: VA Team will collect, organize, and analyze information to understand project requirements and estimated costs as completely as possible. This phase may include presentations by the designer and/or owner to give the team a better understanding of the project.
- Function Analysis Phase: VA Team will perform function analysis based on information obtained in the information phase. Some include the Function Analysis Phase within the Information Phase, but here it has been isolated to stress its importance as the cornerstone of the VM process, as shown in the graphic.
- Creative Phase: VA Team uses such creativity techniques as brainstorming, premise plateau, blast and refine, etc., to identify alternative means of satisfying basic and secondary functions. Creativity is second only to function analysis in its importance to VA.
- Evaluation Phase: Alternatives identified in the creative phase are compared to one another and the original design by the team to select ideas for further consideration and possible development. These ideas represent the greatest potential for cost savings and value improvement. Ideas found to be impractical or not worthy of additional study are discarded.
- Development Phase: The ideas(s) selected in the evaluation phase are developed as completely as possible into alternative solutions, including descriptions, capital and life cycle cost estimates, sketches, advantages and disadvantages to allow detailed comparison to the original design by the Owner/User/Designer.
- Presentation Phase: The solution(s) developed and recommended by the VM Team are presented in an oral presentation to the Decision-Makers on the last day of the workshop. The Decision-Makers are given a copy of the VA Proposals developed in the workshop so they can begin consideration of the recommendations pending receipt of a VA Study report.
- Implementation Phase: VA Team leaders will prepare a Preliminary VA Study Report detailing the results of the workshop. After review of the report, VA Team leaders meet with Decision-Makers in an Implementation Meeting. The fate of VA recommendation, whether accepted, modified or rejected by the Decision-Makers is documented by VA Team leaders in a Final VA Study Report that will also address any comments received on the Preliminary VA Study Report.
- Follow-Up Phase: The VA Team leaders can work with the designers to assist them and ensure that the Final VA Study Report recommendations are incorporated into the continuing design effort, realizing the full savings potential of the VA workshop. However, responsibility for this important phase usually resides with the Owner and Design Team project managers.
A VA study needs a group of people who adopt a structured process. This process allows the members of the group to better communicate, better understand the different points of view, and better analyze and innovate.