Affordable housing is not a new concept now, it has become a very crucial part of the developing real estate sectors. It is not only an ambitious mission to be achieved, it is the need of the hour in many developing countries. A roof over the head is a basic necessity and making homes affordable is the only way to make it possible for everyone. Many governments are taking major steps in the direction. One such method is Value Engineering.Value Engineering The Mantra of Cost-Cutting in Construction Industry. What is Value Engineering? Value Engineering is the systematic way of reducing the costs involved in construction of projects while maintaining the superior quality of the resulting product. In a quest to offer something unique and better than their competitors, builders try to use high-grade raw material of construction. This only adds exorbitant costs to the process but the end result is not very satisfactory. This is where Value Engineering comes into play. It segregates the reasons behind high costs of large-scale construction and devises a proper planning to cut down those costs. It is not only concerned about the techniques of construction, but starts right from planning and designing, this is why sometimes it is also referred as ‘Value Management’. A vigilance over the planning phase could save 15-20%. Value engineering focuses on the development of innovative methods of construction that will be very helpful in overcoming the ambiguities in the construction industry and solving the same through a set of creative alternatives. Increased productivity, cost reduction and quality end product are the three main advantages of value engineering. Under affordable housing, builders are expected to provide the trending residential housing options at a defined price limit. So, instead of using the higher grade elements, developers can resort to value engineering to increase productivity at the same cost. When unnecessary costs are cut down, construction will become less costly,thus the end product will be more affordable. Value engineering is the futuristic method of changing the face of real estate
Q1a- Describe the overall steps a Lean consultant focusing on value engineering
Q2 – Consider a process / product / routine failure from your personal or professional life. Conduct and document the 5 why’s analysis method. Make sure you search for a meaningful example to substantiate clear and crisp points for the 5 why’s. What was your learning in conducting this analysis?
Q3 – In the first part of the semester, we discussed management functions – planning, organizing, leading, and
controlling. Apply these functions to the technology function of research and development. How does each
Q4 – Give a company’s mission that you found on the web or from their annual report(s). Then comment on
what you think of it based on what you have learnt in class. Your comments could be positive and/or negative.
Q5 – The following network schedule diagram shows all the activities required for a small project.
a) What is the critical path for the project? Explain.
b) How is activity G different from activity B from a project planning perspective? Explain.
c) What is the entire duration of the project? Explain.
d) Is it possible for acitivty A and B to be done at the same time? Why?
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