Value Engineering

{
  "id": "MLC-T-ENV-029473",
  "term": "Value Engineering",
  "field": "Environment",
  "definition": "1. Specialized cost control technique which uses a systematic and creative approach to identify and to focus on unnecessarily high cost in a project in order to arrive at a cost saving without sacrificing the reliability or efficiency of the project.\n\n2. Systematic and creative analysis of each contract term or task to ensure that its essential function is provided at the overall lowest cost.\n\n3. Analysis of the functions of a program, project, system, product, item of equipment, building, facility, service, or supply of an executive agency, performed by qualified agency or contractor personnel, directed at improving performance, reliability, quality, safety, and life-cycle costs (41 U.S.C. 1711). For use in the clause at 52.248-2, see the definition at 52.248-2(b).",
  "abbreviation": "VE",
  "references": [
    "40 CFR 35.2005 (CFR 2018)",
    "40 CFR 35.6015 (CFR 2018)",
    "48 CFR 2.101 (CFR 2018)"
  ],
  "url": "https://mlchart.com/terminology/environment/value-engineering/"
}