K. Value Engineering:

	Value Engineering is the core methodology used for achieving the defined deliverables of the other Value Improvement Practices.
	Most VIPs are in fact the objectives or focus of the application of the Value Methodology, which may be applied in the context of Value Analysis, detailed Value Engineering or the broader context of Value Management. A typical Value Study will encompass the objectives of several VIPs.

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Example Application:

Project: Sewage Collection from 22 Municipal Districts (click for details) Status: Some areas already designed and under construction; other areas at master planning stage Scope of Study: To improve design methods, reduce construction costs and manage risks in trunk sewer network and collection system. Workshop Output: Potential cost savings of 9% (US$45M) capital cost and 2 years construction time, together with significant reduction in annual operational costs.