"Cost Reduction and Quality Improvement"... Submissions for Value Engineering Competition Accepted from 18th to 28th

November 19th '14th VE Competition'

The Ministry of Land, Infrastructure and Transport announced on the 11th that it will accept submissions from the 18th to the 28th in preparation for the '14th VE Competition,' which shares the achievements of value engineering (VE) in the construction sector.

Value engineering is a procedure to realize the best value at the minimum life cycle cost. It is a technique that creates optimal alternative designs through functional analysis of facilities and improves the performance and quality of the facilities.

The VE Competition started in 2008 and is now in its 14th edition. This year's competition will be held mainly online in accordance with COVID-19 social distancing guidelines, and any offline events will be conducted with strict adherence to quarantine rules and with a minimized number of attendees.

In this competition, works with high achievements in improving facility performance and enhancing value through economic efficiency in terms of life cycle cost, convergence and fusion, and application of smart construction technologies will be selected.

Additionally, a VE conference will be held simultaneously to share excellent papers and discuss policy measures such as implementation methods of VE in the construction phase, performance improvement, and establishment of VE focused on value enhancement.

Eligible participants are projects in the public construction sector VE that were adopted and approved, conducted from November 1 of last year to before the submission date this year. Opportunities are also provided for the private sector to participate and promote the excellence and achievements of the design VE techniques they have performed.

On the 12th of next month, a first evaluation will be conducted by a panel of experts from industry, academia, and research to select the finalists, and the second evaluation, which decides the grand prize and excellence awards, will be replaced by an online evaluation by 100 VE stakeholders instead of audience evaluation due to COVID-19.

At the competition held on the 19th of next month, presentations of the selected grand prize and excellence award works and the award ceremony by the Minister of Land, Infrastructure and Transport will be held.

Yoo Byung-su, Director of the Technology Innovation Division at the Ministry of Land, Infrastructure and Transport, said, "Through this competition, we hope that value engineering will establish itself as a representative means that contributes to enhancing the value of facilities beyond simple budget savings."

This content was produced with the assistance of AI translation services.