Value Engineering and Lifecycle Cost Optimisation for Project Professionals Training Course
1Summary
Cutting cost and building value are not the same move, even though they often get treated as interchangeable. A cheaper material that fails within two years, a shortcut that creates rework, a scope cut that undermines the very function a client paid for — all of these lower spend while destroying value. Value Engineering and Lifecycle Cost Optimisation for Project Professionals is built around telling the two apart, systematically.
Delivered by Arab British Fellowship Training Academy as part of its Project Management Courses within the Management category, the course develops the analytical skills to break projects down by function rather than by line item, apply lifecycle costing and engineering economics to long-term decisions, and run value engineering studies that produce real, implementable recommendations — not just workshop notes. Participants leave able to evaluate alternatives rigorously, defend value-based decisions with data, and improve project outcomes without quietly eroding quality.
2Objectives and target group
By the end of the course, participants will be able to:
- Distinguish value engineering from simple cost-cutting and explain why the difference matters commercially.
- Break down project scope by function, cost, and performance using structured analysis.
- Apply lifecycle costing and engineering economics to support long-term project decisions.
- Apply value engineering techniques during design, procurement, and construction phases.
- Evaluate alternatives systematically using cost-benefit and multi-criteria analysis.
- Plan and facilitate value engineering workshops that produce actionable outcomes.
- Turn value engineering recommendations into implemented, measured project improvements.
Target Audience
- Project managers and project management professionals
- Value engineers and cost engineers
- Engineering managers and project engineers
- Quantity surveyors and cost consultants
- Procurement and contracts professionals
- Asset and facilities management professionals responsible for cost and performance optimisation
3Course Content
Module 1: Cutting Cost vs Building Value: Why the Difference Matters
- Fundamentals and evolution of value engineering
- Value, function, cost, and performance relationships
- Value engineering versus traditional cost reduction
Module 2: Breaking Projects Down by Function, Not Just Cost
- Function identification and classification
- Function-cost analysis and the FAST methodology
- Identifying unnecessary costs and value improvement opportunities
Module 3: Lifecycle Costing and the Economics Behind Project Decisions
- Principles of lifecycle costing and total cost of ownership
- Initial versus operating and maintenance costs
- Present value, discounted cash flow, and engineering economics
Module 4: Applying Value Engineering From Design Through Construction
- Value engineering during project planning and design optimisation
- Materials and technology alternatives
- Procurement, construction, and scope considerations
Module 5: Evaluating Alternatives and Making the Call
- Strategic cost optimisation and cost-performance trade-offs
- Generating, screening, and evaluating alternatives
- Cost-benefit analysis, risk assessment, and multi-criteria decision-making
Module 6: Running Value Engineering Workshops That Actually Produce Decisions
- Planning value engineering workshops and sessions
- Facilitating interdisciplinary teams and creative problem-solving
- Managing stakeholder expectations and prioritising proposals
Module 7: Turning Recommendations Into Measured Results
- Developing value engineering reports and business cases
- Implementation planning and monitoring
- Measuring realised project value and sustaining continuous improvement