Abstract

Abstract: Infrastructure development in construction industry is a key driver in socio economic development of the country. As construction industry play a vital role in economic growth and development of the country. Globally, the predicted growth in construction industry is 70% more by 2025 it is in need to have proper construction techniques which are value effective.Value engineering is a systematic application of recognized techniques which identify the functions of the product or service, establish the worth of those function and necessary function to meet the required performance at the lowest overall cost. Value engineering concentrates on the effectiveness through stating function, goals, need, required and desires. Valueengineering concept was started by Mr. Lawrence D. Miles during 1940`s.He worked for general electric company (GCE),USA. Which faced scarcity of strategic material needed to produce their products during world war-II. Indian Value Engineering Society (INVEST) is a professional society established in October ,1977 and dedicated to the advancement of value engineering through education. INVEST is affiliated to the society of American value engineering (SAVE). Keyword: Value Technology, INVEST, SAVE capital project, scope creep, cost effectiveness