Value Analysis (VA) also known as Value Engineering (VE) or the Value Methodology (VM) is a systematic and function-based approach to improving the value of products, projects, or processes. It uses a combination of creative and analytical techniques to identify alternative ways to achieve objectives.
Value Analysis involves a team of people following a structured process. The process helps team members communicate across boundaries, understand different perspectives, innovate, and analyze.
Value Analysis recognizes that good value is achieved when the necessary performance can be accurately defined and delivered at the lowest life-cycle cost. The Value Methodologies result in benefits to both the individual and the organization.
- A systematic approach to solving problems;
- Self-satisfaction from contributing ideas towards solutions and participating in an energetic workshop;
- Improvements in knowledge and abilities through cross-disciplinary expertise sharing; and
- Participation in a transparent process that results in more informative decisions.
- A Return of Investment typically ranging from 20:1 to 100:1;
- Cost savings while achieving required functions;
- Improved understanding of the project and validation of costs;
- Improved stakeholder engagement;
- Objective selection among competing priorities or solutions;
- Definition, understanding, and measurement of the values related to the project, product, process, or service;
- Improvement in corporate culture through enhanced creativity and the introduction of new ideas and approaches;
- Expedited project schedules; and
- Improved quality.
For more information on Value Engineering, please see the links below:
Anyone interested in improving value, quality, or cost of a project, product, service, or organization.
Both presenters Mike and Rakesh were recognized in 2015 with the most prestigious award in the Ontario Public Service: The Amethyst Award, as part of their leading roles in the Value Engineering Coordinator Committee (VECC) of the Ministry of Transportation, Ontario (MTO). They have also served on the board of Value Analysis Canada (formerly Canadian Society of Value Analysis).
Vice President, SAVE International
Mike is one of the few Certified Value Specialists (CVS) in Canada and currently works for the Ministry of Transportation, Ontario. He currently serves as the Vice President of SAVE International. Due to his many student outreach volunteer activities, Professional Engineers Ontario (PEO) has made him a member of the Order of Honour, and more recently he has been named a Fellow of Engineers Canada.
Director, Value Analysis Canada
Rakesh currently works for Metrolinx, an agency of the Government of Ontario. Previously, he worked for the Ministry of Transportation, Ontario for over 13 years. Rakesh has also served on the board of Engineers Canada and was appointed to the board of The Federal Bridge Corporation Limited (FBCL), as part of the recent Governor in Council (GIC) appointments made by the Government of Canada.