You have probably heard the term value engineering before. But what exactly is it? And how does it work in your best interests as a buyer of construction services?
By definition, value engineering was born at General Electric during World War II. Shortages of skilled labor, raw materials and parts forced G.E.’s Lawrence Miles—the father of what he termed “value analysis”—to look for acceptable substitutes. Miles and his team noticed that these substitutions often reduced costs, improved the product, or both.