Value Engineering (VE) is a systematic and organized approach used in project management to achieve the required functions of a project at the lowest overall cost without compromising quality, safety, performance, reliability, or customer satisfaction. In industrial project management, Value Engineering focuses on improving the relationship between function and cost. The basic principle is that value can be increased either by improving the function while maintaining cost or by reducing cost while maintaining the required function. The major principle of Value Engineering is the identification of essential and secondary functions of a project. Every component, process, material, and activity is examined to determine whether it contributes adequately to the intended function. The function is generally expressed in terms of an action and an object, such as “protect equipment” or “reduce energy consumption.” The project team then searches for alternative methods, materials, technologies, and processes that can perform the same function more economically. Another important principle is the elimination of unnecessary costs. Costs that do not contribute to the required function are identified and removed. VE also encourages creative thinking and the