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Value engineering

A quantifiable deviation, departure, or divergence from a known baseline or expected value.

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Related terms

value engineering
Business services; Project management

A quantifiable deviation, departure, or divergence from a known baseline or expected value.

value engineer
Business services; Project management

A person, usually certified, who is qualified to perform value engineering services for a client.

value engineer
Professional careers; Occupational titles

A professional who plans and coordinates engineering activities to develop and apply standardized design criteria and production requirements for parts and equipment used in ...

value engineering
Science; General science

A thinking system (also called value management or value analysis) used to develop decision criteria when it is important to secure as much as possible of what is wanted from each ...

value engineering
Software; Supply chain

An organized methodology that identifies and selects the lowest lifecycle cost options in design, materials and processes that achieves the desired level of performance, ...

value engineering
Quality management; Six Sigma

Analyzing the components and process that create a product, with an emphasis on minimizing costs while maintaining standards required by the customer.

simulation
Business services; Project management

A simulation uses a project model that translates the uncertainties specified at a detailed level into their potential impact on objectives that are expressed at the level of the ...

project life cycle
Business services; Project management

A collection of generally sequential project phases whose names and numbers are determined by the control needs of the organization or organizations involved in the project. A ...

direct costs
Business services; Project management

The costs directly attributed to a work-scope, such as labor, material, equipment, and subcontracts, but not the cost of operations overhead and the labor, material, equipment, ...

skill
Business services; Project management

Ability to use knowledge, a developed aptitude, and/or a capability to effectively and readily execute or perform an activity.

project management (PM)
Business services; Project management

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

direct labor costs
Business services; Project management

Costs accruing from expended labor excluding the bonus portion of overtime, insurances, and payroll taxes.

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