A systematic methodology for analyzing the functions of a product, system, process, or design to improve value by maintaining or enhancing performance while reducing life-cycle costs. In federal contracting, Value Engineering (VE) encourages contractors to identify innovative ways to reduce costs, improve quality, simplify operations, or increase efficiency without compromising required performance or functionality. Many federal contracts include a Value Engineering Change Proposal (VECP) clause, which allows contractors to propose approved cost-saving changes and share in the resulting savings with the government.
Value Engineering (VE)
A systematic method for improving value by maintaining or enhancing performance while reducing life-cycle costs, often via Value Engineering Change Proposals.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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