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The value engineering process involves various stages, including Pareto analysis, cost/worth function calculation, Function Analysis System Technique (FAST), innovation, creativity, life cycle cost evaluation, decision
The value engineering process involves various stages, including Pareto analysis, cost/worth function calculation, Function Analysis System Technique (FAST), innovation, creativity, life cycle cost evaluation, decision analysis, and decision-making. The Cost-to-Worth (C/W) ratio is used to prioritize items for value engineering, emphasizing the importance of achieving cost savings without compromising quality. The author(s) stated, "Law of Pareto of the 80/20 law is found by an Italian economist, Vilfredo Pareto. Pareto stated that 80% outcome is the result from 20% income. 80% reaction is caused from 20% action, or 80% result comes from 20% effort. Pareto analysis is the method used to analyze the highest cost of the item of work which has the potential to be analyzed in value engineering. Only the cumulative cost of 80% will be further analyzed through value engineering
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