What is the main goal of value engineering in project management?

The main goal of value engineering in project management is to understand the owner's priorities regarding cost, quality, and time. This process involves a systematic review of project functions to achieve the needed performance at the lowest life-cycle cost without sacrificing quality.

Focusing on the owner's priorities allows project managers to identify key areas where value can be enhanced. This might lead to innovative solutions that not only meet budgetary constraints but also satisfy quality requirements and adhere to the project timeline.

Value engineering is not merely about minimizing labor costs, as effective cost management encompasses a broader range of variables — including materials, processes, and design elements. Additionally, while improving design is a component of value engineering, the approach is more holistic and aims to balance various factors to optimize overall project value, rather than solely focusing on design improvements. Furthermore, increasing project completion time contradicts the objectives of value engineering, which typically seeks to enhance efficiency and expedite the project schedule where possible.