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Value Engineering
Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The term "value management" is sometimes used as a synonym of "value engineering", and both promote the planning and delivery of projects with improved performance. The reasoning behind value engineering is as follows: if marketers expect a product to become practically or stylistically obsolete within a specific length of time, they can design it to only last for that specific lifetime. The products could be built with higher-grade components, but with value engineering they are not because thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grenfell Tower Fire Morning
Grenfell may refer to: Buildings * Grenfell Campus, Memorial University of Newfoundland, Canada * Grenfell Centre, Adelaide, Australia, an office block * Grenfell railway station, New South Wales, Australia * Grenfell Tower, a derelict tower block in London, United Kingdom ** Grenfell Tower fire, a fatal fire at the tower block in June 2017 People * Alice Grenfell (1842–1917), British suffragist and Egyptologist * Bernard Pyne Grenfell (1869–1926), English Egyptologist * Bryan Grenfell (b. 1954), British biologist * Cecil Grenfell (1864–1924), soldier and British Liberal politician * Charles Grenfell (1790–1867), British businessman and politician * Charles Grenfell (1823–1861), British politician * Clarine Coffin Grenfell (1910–2004), American poet * David Grenfell (1881–1968), Welsh politician * Diana Grenfell, (1935 - 2021), British plantswoman * Edward Grenfell, 1st Baron St Just (1870–1941), British politician and banker * Ettie Grenfell, Baroness Desborough ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Screwdriver
A screwdriver is a tool, manual or powered, used for turning screws. Description A typical simple screwdriver has a handle and a shaft, ending in a tip the user puts into the screw head before turning the handle. This form of the screwdriver has been replaced in many workplaces and homes with a more modern and versatile tool, a power drill, as they are quicker, easier, and can also drill holes. The shaft is usually made of tough steel to resist bending or twisting. The tip may be hardened to resist wear, treated with a dark tip coating for improved visual contrast between tip and screw—or ridged or treated for additional "grip". Handles are typically wood, metal, or plastic and usually hexagonal, square, or oval in cross-section to improve grip and prevent the tool from rolling when set down. Some manual screwdrivers have interchangeable tips that fit into a socket on the end of the shaft and are held in mechanically or magnetically. These often have a hollow handle that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overengineering
Overengineering, or over-engineering, is the act of designing a product or providing a solution to a problem that is complicated in a way that provides no value or could have been designed to be simpler. It has been employed intentionally in situations where an exceptionally wide margin of error is desired, but is otherwise considered an error of design due to the disproportionate time and resources needed to manufacture and maintain such products, as well as the introduction of unneeded single points of failure. As a design philosophy, it is a violation of the practice of value engineering and the minimalist ethos of "less is more" or " worse is better", as well as the related KISS principle. NASA listed excessive features as one of the top 10 risks of failure for development projects, and Mercedes-Benz developed and removed 600 non-essential features from their cars due to malfunctions, lack of usability and customer complaints. Characteristics Overengineering is often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muntzing
Muntzing is the practice and technique of reducing the components inside an electronic appliance to the minimum required for it to sufficiently function in most operating conditions, reducing design margins above minimum requirements toward zero. The term is named after the man who invented it, Earl "Madman" Muntz, a car and electronics salesman, who was not formally educated or trained in any science or engineering discipline. In the 1940s and 1950s, television receivers were relatively new to the consumer market, and were more complex pieces of equipment than the radios which were then in popular use. TVs often contained upwards of 30 vacuum tube A vacuum tube, electron tube, thermionic valve (British usage), or tube (North America) is a device that controls electric current flow in a high vacuum between electrodes to which an electric voltage, potential difference has been applied. It ...s, as well as transformers, rheostats, and other electronics. The consequence of h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 15686
ISO 15686 is the in development International Organization for Standardization, ISO standard dealing with service life planning. It is a decision process which addresses the development of the service life of a building component, building or other constructed work like a bridge or tunnel. Its approach is to ensure a proposed design life has a structured response in establishing its service life normally from a reference or estimated service life framework. Then in turn secure a life-cycle cost profile (or Whole-life cost when called for) whilst addressing environmental factors like life cycle assessment and service life care and end-of-life (product), end of life considerations including obsolescence and embodied energy recovery. Service life planning is increasingly being linked with sustainable development and wholelife value. The Objective (goal), objective of service life planning is to provide reasonable assurance that the estimated service life of a new building on a specif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Engineering
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (e.g. Canada, Texas), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling". Overview One key objective of cost en ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
Cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ..., cost is a metric that is totaling up as a result of a process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benefits Realisation Management
Benefits realization management (BRM), also benefits management, benefits realisation or project benefits management, is a project management methodology, often visual, addressing how time and resources are invested into change management, making desirable changes. BRM is used to manage the investment by organizations in procurement, projects, programmes and Project portfolio management, portfolios, and has been shown to increase project success across different countries and industries. The popularity of BRM began in 1995 in the UK, when Scottish Widows created a Benefits Realisation method as part of its ''Project Management Handbook'', and rolled its use out across the entire firm. It grew in the UK with the inclusion of BRM by the UK Government in their standardized approach to programmes, ''Managing Successful Programmes (MSP)''.OGC (2003) ''Managing Successful Programmes'', London, The Stationery Office. Definitions Benefits realization management has four main definitions. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grenfell Tower Fire
On 14 June 2017, a List of fires in high-rise buildings, high-rise fire broke out in the 24-storey Grenfell Tower block of Public housing in the United Kingdom, flats in North Kensington, West London, England, at 00:54 British Summer Time, BST and burned for 60 hours. Seventy people died at the scene and two people died later in hospital, with more than 70 injured and 223 escaping. It was the deadliest structural fire in the United Kingdom since the 1988 Piper Alpha oil-platform disaster and the worst UK residential fire since the Blitz of World War II. The fire was started by an electrical fault in a refrigerator on the fourth floor. As Grenfell was an existing building originally built in concrete to varying tolerances, gaps around window openings following window installation were irregular and these were filled with combustible foam insulation to maintain air-tightness by contractors. This foam insulation around window jambs acted as a conduit into the rainscreen cavity, wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grenfell Tower Inquiry
The Grenfell Tower Inquiry was a British public inquiry into the Grenfell Tower fire, which killed 72 people and destroyed Grenfell Tower on 14 June 2017. It was ordered by Prime Minister of the United Kingdom, Prime Minister Theresa May on the day following the fire. May announced on 29 June 2017 that the inquiry would be chaired by retired judge Martin Moore-Bick, Sir Martin Moore-Bick, with the immediate priority "to establish the facts of what happened at Grenfell Tower in order to take the necessary action to prevent a similar tragedy from happening again". She promised that "No stone will be left unturned by this inquiry." On 15 August 2017, the terms of reference of the Inquiry were announced. The first hearing opened on 14 September 2017. The Inquiry was divided into two phases: Grenfell Tower Inquiry Phase 1, Phase 1, which addressed the events on the night of the fire, and Grenfell Tower Inquiry Phase 2, Phase 2, which investigated the wider situation. Hearings for Pha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive
In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefore higher levels of performance. For comparison, a disincentive is something that discourages from certain actions. Divisions An incentive is a powerful tool to influence certain desired behaviors or action often adopted by governments and businesses. Incentives can be broadly broken down into two categories: intrinsic incentives and extrinsic incentives. Overall, both types of incentives can be powerful tools often employ to increase effort and higher performance according to the "law of behavior." Incentives are most studied in the area of personnel economics where economic analysts, such as those who take part in human resources management practices, focus on how firms make employees more motivated, through pay and career concerns, Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
