It’s become almost commonplace for developers to pay higher process than are necessary in the construction sector. The need for high-functioning materials and those that are aesthetically appealing tend to place a strain on a project’s overall budget. In fact, experts agree that some industries routinely pay excess premiums upwards of 25 percent. This does not necessarily have to be the case.
At TruEst Quantity Surveyors, our experienced quantity surveying services recognizes that developers require more than separated groups of people to carry out specific tasks. You need a high-level team of construction consulting professionals that brings everyone to the table with the goal of lowering costs and improving profits. We implement value analysis and value engineering protocols that bring key stakeholders together and deliver results.
How Does Value Analysis Differ from Value Engineering?
Although industry insiders often refer to value analysis and value engineering under the catch-all phrase “Value Management,” there are important distinctions between the pair of terms that are worth fleshing out.
What Is Value Analysis?
Value analysis generally refers to existing products. These products or materials, as is often the case in construction, are scrutinized to lower costs and improve quality. The people tasked with reviewing products undertake a process called “functional analysis.” The product or materials is broken down to its base elements to reduce costs by finding a more suitable and less expensive replacement. In a perfect world, the team’s research discovers a product or material that delivers both.
What Is Value Engineering?
Value engineering generally refers to a similar evaluation process. One way to understand value engineering is to think of it as the holistic approach to lowering overall costs while improving the construction project’s functionality and quality. In terms of quantity surveying services, all stakeholders and processes are culled together to evaluate the costs, efficiency, materials, labour, and other expense drivers. The goal is to eliminate waste, reduce expenditures, and build the best possible structure at the lowest cost.
Expert Value Analysis and Value Engineering Services in Ontario
If you are considering a construction project, it’s essential that you get the best outcome possible. Our team of industry-leading consultants works diligently to scrutinize every facet of a project and deliver the benefits of lower costs and improved quality. Contact our London, Ontario, TruEst office and schedule a consultation today.