This book thoroughly introduces Value Engineering (VE) and Value Management (VM) principles and practices, providing readers with a clear understanding of these essential methodologies. It explains what VE/VM entails and, just as importantly, clears up common misconceptions and misunderstandings, offering a straightforward explanation of its proper scope and application. Drawing on years of research and development, the book highlights the latest trends and advancements in VE/VM, demonstrating how these practices are being integrated into various industries. Structured in five essential parts, the book begins by outlining the fundamental concepts of VE/VM, including its history, philosophy, function analysis, and the core processes and procedures involved. The second part focuses on governance, discussing the institutionalisation of VE/VM, the development of its knowledge base, and the importance of education in its widespread adoption. The third part explores how VE/VM is applied in the construction, energy, aviation, and automotive industries, offering practical insights into real-world applications. The fourth part expands on the evolution of VE/VM, examining its integration with sustainable building, risk management, PPP/PFI, Building Information Modelling (BIM), and other alternative decision-making methods. Case studies are provided in part five, showcasing successful VE/VM implementations in actual projects. Ideal for both professionals and general readers, this book offers valuable perspectives on how VE/VM can optimise project outcomes, enhance decision-making, and create lasting value across various fields.

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