Year: 2024
Type: article
Abstract: The article examines the methodology of Value Engineering (VE) as a systematic approach to optimizing resources, improving efficiency, and making informed managerial decisions in project activities. The key aspects of VE are analyzed, with particular attention given to functional analysis, which allows identifying and evaluating the primary functions of objects while minimizing costs without compromising quality. The specific application of VE in large-scale industrial projects, requiring the integration of multidimensional approaches to achieve strategic goals, is considered. It is substantiated that VE ensures a balanced ratio between cost and functionality, which is critically important in the context of limited resources, dynamic market changes, and increased competition. The modern trends in VE development are highlighted, including the use of digital technologies and big data analysis that contribute to process automation, decision accuracy, and expanding the scope of VE applications. The integration of VE with other management approaches, notably Lean Six Sigma, is analyzed, demonstrating its synergistic effect through improving production processes, cost reduction, and quality enhancement. The importance of an interdisciplinary approach in forming teams capable of generating innovative solutions to create long-term value is proven. The historical context of VE development, starting from VE implementation in various sectors such as construction, industry, and technology, with a focus on cost optimization, functionality enhancement, and risk management, is reviewed. It is demonstrated that VE promotes efficient resource management, ensures the achievement of strategic and tactical goals, and enables organizations to create competitive products and services. Special attention is paid to the human factor, particularly leadership and teamwork, which contribute to solving complex problems through creative potential and multifaceted analysis. It is emphasized that the systematic implementation of VE is a powerful tool for the strategic development of organizations, not only ensuring effective management of costs and functions but supporting innovative growth, resilience, and long-term competitiveness in today’s market. Keywords: Value Engineering, managerial decisions, functional analysis, resource optimization, project management, decision-making, efficiency, strategic development, competitiveness.
Authors: Viktoriya Gonchar, Kyryl Bespalov
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4407177176