Value Engineering Law and Legal Definition

Value engineering means “a systematic application of recognized techniques by a multi-disciplined team to identify the function of a product or service, establish a worth for that function, generate alternatives through the use of creative thinking, and provide the needed functions to accomplish the original purpose of the project, reliably, and at the lowest life-cycle cost without sacrificing safety, necessary quality, and environmental attributes of the project.” [23 CFR 627.3; Title 23-Highways; Chapter I-Federal Highway Administration, Department Of Transportation; Subchapter G-Engineering And Traffic Operations; Part 627-Value Engineering]