Are high design and development costs blocking your vision for a modern hotel facility or commercial building? Whether you’re planning a major structural upgrade or focusing on just a few rooms, value engineering (VE) can help you optimize costs without compromising on your ultimate project objectives or timelines. Read on to learn more about VE benefits for commercial project owners.
Value Engineering: The Basics
Value engineering is a deliberate and disciplined methodology created to deliver the best possible value for initial and long-term project investment. VE entails six key phases as follows:
- Information gathering
- Function analysis
- Creative (brainstorming phase)
- Cost analysis
How Value Engineering Benefits the Project Owner
VE is beneficial to the project owner only if it can deliver the owner’s vision at the lowest possible design and construction cost. Here are some of the key reasons to incorporate value engineering in your commercial renovation or remodeling project.
1. It Optimizes Efficiency
Adopting value engineering at the building’s planning and design phases maximizes the project’s overall efficiency. When the contractor has in hand the final project schedule at the preconstruction phase, they can help the owner save money and time.
Finalizing the cost/time schedule at the earliest stage possible can minimize the frequency of design changes later on. Late reworks usually require additional design and consultation costs and may result in costly project delays.
2. It’s Function-focused
The original function of the commercial building is the non-negotiable reference point for any design alterations. Your VE team can find alternative materials or design concepts that provide better function at a lower cost, but they can’t reduce the cost at the expense of the owner’s intended function. The principal idea of incorporating VE is to maximize function and quality.
3. It Can Lower Project Costs
Without compromising the client’s functional and value goals for the building, the VE team may propose the following lower-cost alternatives:
- Architectural design
- Construction materials, such as energy-efficient options
- Construction methods, including streamlined workflows
- Efficient staffing structures
- Long-term maintenance
The cost savings should last over the life of the project. For instance, value engineering shouldn’t propose lower construction costs if that compromises the long-term feasibility of the commercial project.
4. It Supports Creativity
Viable VE proposals result from creative brainstorming. Team members working together come up with as many alternative solutions as possible to deliver the required function cost-effectively.
5. It’s a Multidisciplinary Effort
A team of experts, from engineers and architects to quantity surveyors, actively participate in the creative design, analysis, evaluation, and development processes. Each member of the value engineering team has a proper grasp of the client’s vision for the building and is aware of the original project specifications. Their findings enable the project owner to optimize function, quality and cost across all project areas.
These are some of the key benefits of value engineering in commercial construction. Are you planning any functional upgrades for your business property? At Parkwest General Contractors, we can expertly execute and complete your remodeling project within your budget and on time. Contact Nikki Fox at ParkWest General Contractors at firstname.lastname@example.org today to get started!