- Cost engineering is a systematic and organized approach to providing the required features in a project at the lowest cost.
- Cost optimization facilitates the replacement of materials and methods with less expensive alternatives without sacrificing functionality.
- Value development is often broken down into six steps or phases, from generating ideas to implementing changes.
- Value engineering is primarily focused on use, value, respect and exchange value.
- The final cost formula is often defined as a function divided by cost, with cost engineering aiming to maximize functionality at minimum cost.