Value Engineering Assessment is a review that is required to be undertaken near the end of FEED, when the design and associated estimates are complete, prior to moving into the EXECUTE Phase of the project.
The intention of a Value Engineering Assessment is to ensure that the job is ‘at the lowest total life-cycle cost’. The life-cycle cost covers the job from design, installation, operation, maintenance, decommissioning, etc.
Value Engineering Assessment is a formalized assessment of a FEED study to ensure (a) The engineering work is technically valid and (b) That the lowest life-cycle cost has been achieved.