What's
it Worth?
What's it worth? That simple question is often
taken to mean “How much is it?”. The answer is usually a dollar
figure. However, when the question is altered to become “What is
it worth to you?” the response is not so straight forward.
Many other considerations come into play and the answer depends on
your goals, objectives and time frame. The difference is that cost
does not equal value. Value is the quality that renders a given
object its desirability or usefulness. Cost is a simple monetary
amount attached to a given item. Identifying the cost of something
is easier than discerning its value. Value equals worth.
Performance, cost and time
(the elements that most effect value in construction) are
impossible to identify and analyze even in the most complex
construction project. The traditional construction process follows
this series of events: 1) a building is designed; 2) permits are
obtained; 3) budgets are established; lastly, 4) the project is
put out to bid. Often the lowest bidding contractor (or
construction manager) is selected to complete the construction
phase and the building is constructed to specification. This
traditional process establishes how much it costs, but not what it
is worth.
Value engineering is an
interdisciplinary analysis of a building or system to achieve the
essential objective without sacrificing quality or performance.
The objective of true value engineering is to achieve a result
that includes a better building with greater value. When this
happens, the by-product is often reduced life cycle costs, greater
reliability and expanded function.
The key in this system is to identify
value which in turn requires experience. At 3D/Group, Inc., the
process of identifying value begins with the design process. Some
of the questions answered in the design process include: “What is
it worth?” “What is the value of this function?” “What is the
objective?” “Can it be improved upon or expanded?” And “Can it be
modified, altered or perhaps even eliminated or replaced?”. All of
these essential questions are asked to determine the best
value.
From the very first stage in the
process, 3D researches systems, materials and processes to offer
substitutes, alternatives and enhancements. The result is a
building designed according to budget, so it can be built
according to budget. This allows the owner to decide “What is it
worth to me?” and to provide the best value to that
owner.
Next Page
For more information on 3D/Group, Inc., you can
contact us via email, regular mail, telephone, or fax as follows:
3D/Group, Inc.
266 North
Fourth Street, Suite 200
Columbus, Ohio 43215-2565
email:
3dinfo@3dgroup.com
phone: (614) 464-3600
fax: (614) 464-9331
Copyright & copy;
2005 3D/Group, Inc.
