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Value Engineering vs. Cost Cutting Value Engineering and cost cutting are both strategies for reducing project expenses, but they differ in their scope and focus. Value Engineering aims to enhance the overall value of a project by optimizing costs, functionality, and quality, while cost cutting focuses solely on reducing expenses, sometimes at the expense of quality.  Value Engineering (VE) is defined as an organized effort directed at analyzing the functions of systems, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required performance, quality, reliability and safety. VE is [...]