The practice of value engineering has become a significant factor in the construction industry during the past five decades. To value engineer a product or an item is to examine carefully its components in relation to their respective performance. Alternatives are generated to enhance functionality and reduce cost.

Techniques and methods have been developed to assist in performing a value engineering study that has a substantial impact on the final product, whether an item in a system or a building component. The different phases of value engineering are the INFORMATION, SPECULATIVE, ANALYTICAL and PROPOSAL PHASES. Each phase has its unique techniques which provide a useful tool for the value engineering team in performing a comprehensive study.

Value engineering in architecture represents a radical change from the traditional method of practicing design. Value engineering techniques offer a plateau for better built environments. It helps to scientifically criticize and examine the functionality and performance of different building types, elements and systems in relation to quality versus cost.