Value engineering in Hong Kong—a powerful tool for a changing society

Hong Kong, one of the most dynamic cities in Asia if not the world, has been changing rapidly in recent years as a result of technological advancement, fierce local and international competition, and ever-increasing customer requirements. In addition, as design and production costs become more significant, different cost control techniques and the means of achieving better value for money are becoming increasingly important. Value engineering (VE) is one way to improve efficiency and seek the best balance between the cost, reliability and performance of a product or service. Though value engineering is still in its infancy in Hong Kong, there are already signs that value engineering is being used in the private and public sectors. This paper highlights the current development of value engineering in Hong Kong in terms of owners' acceptance of it. Details of VE education, research and professional institution in Hong Kong are also given.