M.Phil. / To achieve growth, most corporations invest a large portion of their turnover in new business ventures or in expanding current operations. These initiatives imply capital and thus a return is essential in order to ensure survival. Research indicates that capital projects seldom realize their full potential. The value that is released by a project is often unacceptably lower than the value that was initially forecast and for which the board granted approval. Furthermore, a number of projects achieved radical improvement within a relatively short period of time, when they embarked on an initiative focusing on improving the project. This indicates that, due to the relatively low cost and the rather large prize at stake, it is imperative to investigate and actively seek improvement potential. Value Engineering proves to be a methodology capable of unleashing these otherwise hidden opportunities. Three basic steps describe the value engineering process: analysis to understand the project; design to find the optimum or a better solution; and the implementation thereof. Before a team can embark on an improvement initiative an initiation study will determine the target, required focus of the exercise and set up an enabled team. This study also describes the integration of value engineering with the existing processes using a case study. In order for value engineering to work, skilled members are required, the initiative has to be timed and complement the existing processes.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uj/uj:3524 |
| Date | 04 September 2012 |
| Creators | Van Zyl, Gerhardus Johannes |
| Source Sets | South African National ETD Portal |
| Detected Language | English |
| Type | Thesis |
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