[Rane*et al., 5(7): July, 2016] ISSN: 2277-9655 IC™ Value: 3.00 Impact Factor: 4.116 http: // www.ijesrt.com© International Journal of Engineering Sciences & Research Technology [1409] IJESRT INTERNATIONAL JOURNAL OF ENGINEERING SCIENCES & RESEARCH TECHNOLOGY APPLICATION OF VALUE ENGINEERING TECHNIQUES IN CONSTRUCTION PROJECTS Prof. Nitin L. Rane * * ME Scholar, S.S.G.B. C.O.E. & T. Bhusawal, Maharashtra, India DOI: 10.5281/zenodo.58597 ABSTRACT Value engineering is a successful technique that has been tested in many countries and reduces the cost of the construction projects Value Engineering is a creative, organized effort, which analyzes the requirements of a project for the purpose of achieving the essential functions at the lowest total costs over the life of the project. Through a group investigation, using experienced, multidisciplinary teams, value and economy are improved through the study of alternate design concepts, materials, and methods without compromising the functional and value objectives of the client. Value engineering is the process of relating the functions, the quality and the costs of the project in the determination of optimum solutions for the project. A cost-effective solution is achieved by an application of VE principle for different components of the structures relating its quality and quantity. This study mainly focuses on new techniques, methods and materials that can be adopted in construction industry, in which, its cost, quality, process time and feasibility are considered. Value Engineering focuses on accomplishing the required functions at the lowest overall cost. It helps in eliminating or minimizing wastage of material, time, and unnecessary cost, which improves value to the customer. KEYWORDS: Value Engineering, Value Engineering Job Plan Techniques, Cost, Quality, Value Analysis. INTRODUCTION The engineers have always tried to reduce the cost of construction without affecting the quality and the functional utility, however their approach was based mainly on the past experience. Keeping the costs low with traditional cost management has been a commonly applied measure to improve competitiveness. However, keeping cost down alone is not enough, there is an increasing need for improve in schedule as well as efficiency and effectiveness. Saving money at the same time, providing better value is a concept that everyone emphasizes. Value Engineering is a proven management technique that can make valuable contributions to value enhancement and cost reduction of the construction industry. With the advancement of science and technology, it became comparatively easy to reduce the construction cost, but the concept of functional utility was not given due consideration. Reliability and durability were of little importance. Now a day's Engineers and Architects have started taking Into consideration these important factors i.e. reliability and durability with functional utility to optimise the cost. This subject has got emphasize in last few years whose object is to effect economy, in the cost of construction of project. Value Engineering is an organized, creative and cost search technique for analyzing the function of any product, service, or system with the purpose of achieving the required functions at the lowest overall cost consistent with all the requirements that comprise its value, such as performance, quality, reliability and appearance. Value Engineering uses the best combination of any proven tools and techniques in management process. Value engineering is thus arguably of greater importance than cost management efforts. [1] Both value engineering and cost reduction aim at reducing costs but there is a basic difference between these techniques. Value Engineering is functional oriented where as Cost Reduction is production oriented. Value Engineering aims at functional cost effectiveness by avoiding unnecessary costs; it involves multi discipline team effort, and applies innovative and creative techniques to maximize value. On the other hand Cost Reduction aims at