Is your wallet breaking under the weight of your project’s wants list? If so, you are not alone. Almost every construction company and property owner has faced the challenge of theover-budgetproject. This is where value-engineering comes into play; but what does this mean in practical terms, and will the integrity of your project inevitably suffer for it?
It’s a misconception that value-engineering means compromising your objectives. True value-engineering is not simply a method for cutting costs, but a phased strategy used to improve efficiency without sacrificing quality or violating any functions. At its best, it’s a process that relies on team building, communication, and effective decision-making to find creative solutions. Value-engineering is not a system that crushes design and construction dreams, but rather optimizes function at the lowest possible cost.
At Streamline Builders, Inc., our team ensures value-engineering and quality management of your project from inception to completion. We faithfully provide commercial remodeling, multifamily renovations, student-housing renovations to property owners in Hollywood, CA.
We’ve gathered some tips on how to value-engineer your next construction project to achieve what you need without compromising what you want.
When Should You Begin the Process?
The concept of value-engineering began as a real-life venture. Lawrence Miles developed the formula in the late 1940s when purchasing materials for General Electric during World War II:
Value = Function / Cost
Function = the specific work that a project needs and must perform.
Cost = the life-cycle cost.
Value = the most cost-effective way to optimize and improve a project’s desired function.
In the arena of responsible property construction, value-engineering is not only an acceptable part of the equation but a necessary one. Value-engineering matters because you want and need your construction project to triumph.
Value-engineering should not be treated as a knee-jerk reaction to avoid going over budget. It’s a time-trusted method that’s best approached proactively instead of reactively. Technically, you can apply the formula at any phase of your construction project—but it’s most effective during the planning and schematic stage. This is when the greatest value is created in the construction life-cycle.
The Process Step-by-Step
Successful value-engineering includes several important steps:
1. Information Gathering
Your contractor’s team gathers information about the project, including your objectives and all key criteria. The “value” is also defined.
2. Function Analysis
You and your contractor work together to clearly establish the project’s goals and intended function.
3. Creative Speculation
During this step, your construction team generates creative ideas to best achieve your goals with maximum efficiency and quality in mind. At Streamline Builders, Inc., we work tirelessly to bring your vision to reality. We will ensure the alignment of all your needs and wants; we carefully tailor our solutions to the unique opportunities and challenges of each project. Whether it’s budget, timeline, design specifications, or any special need, we get every detail of your renovation project right the first time. Contact us to take advantage of a FREE consultation.
4. Evaluation and Assessment
A skillful contractor will evaluate the ideas and determine which offer the best outcomes for your project’s goals. Exceeding your expectations in a practical sense should now be at the forefront!
Here, the best ideas become action. Your construction team will review and re-evaluate the data and ideas, weigh likely outcomes, then present you with tangible plans.
Exceeding Your Goals
At its core, value-engineering is a problem-solving technique that allows you to achieve maximum benefits at a minimal cost. An experienced construction company will apply this trusted formula, allowing you to reap the rewards for years to come. Our team at Streamline Builders, Inc. monitors every step of every stage from start to finish. Your project’s integrity is never jeopardized. Even with the most challenging projects, we refuse to compromise the quality of our work or resources.
Are you a property owner looking for a trusted contractor that will turn your vision into a reality? Don’t wait! Schedule your free consultation today.