What is the main goal of value engineering in project management?

The main goal of value engineering in project management is to improve the project value, which involves optimizing the balance between function, cost, and quality. This process encourages the identification of essential project functions and seeks means to achieve those functions at the lowest total lifecycle cost. By focusing on enhancing value, project managers can ensure that resources are being used efficiently, leading to better outcomes without unnecessary expenditures.

Value engineering encourages innovation and quality, aligning the project's objectives with client needs and expectations. It emphasizes doing more with less, which translates into maximizing utility while maintaining or improving performance. This contrasts sharply with options that suggest increasing duration, reducing scope, or solely enhancing collaboration, which may not necessarily lead to a better overall value for the project.