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| No | Tools | Methodology |
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| 1 | Original VE approach | Using the original VE job plan including information, function analysis, creativity, evaluation, development, and presentation |
| 2 | FAST (functional analysis system technique) | FAST diagram is a technique developed to improve function determination, classification, and evaluation according to the How-Why logic formula, with results plotted into a block diagram |
| 3 | Value index | Value is defined as the ratio of performance to cost Value (V) = Performance (P)/Cost (C) |
| 4 | VE-KMS (value engineering knowledge management system) | Integrates TRIZ into the creativity phase, including analysis of: (1) technical contradictions, (2) physical contradictions, (3) substance field, and (4) technological evolution. This allows workshop participants to maximize the impact of their engineering experience and proficiencies, as explicit knowledge. The system saves this knowledge in a database for continued use in the VE process and is continuously updated |
| 5 | RETRIEVE (remembering tool for reusing the ideas evolved in value engineering) | VE proposals are collected from previous VEW sessions for use in reference to current problems. RETRIEVE identifies similarities between new and old cases using an algorithm developed in VBA for MS Office™ and MS Office Access™ |
| 6 | Fuzzy case-based reasoning | Integrates case-based reasoning (CBR) with fuzzy logic concepts to measure similarities of new and previously solved problems |
| 7 | ELECTRE III | ELECTRE III is used to rank alternative solutions in the evaluation phase to aid decision-making |
| 8 | GDSS-IVMS (group decision support system) | Creates a virtual online VE workshop phase, mooting the need for face-to-face meetings |
| 9 | BIM-based idea bank | Using 2D BIM objects, workshop participants may reuse previous VE cases and ideas to produce alternative solutions for current projects |
| 10 | LiVE (Lean integrated VE) | Integrates lean concepts to eliminate waste in VE processes to identify necessary functions through creating an 8-phase job plan |
| 11 | Performance assessment | Used in the postworkshop phase to evaluate the success of results generated from the workshop phase. It also appraises workshop process performance as a reference to improve future workshops |
| 12 | Pareto’s law | Holds that 80% of the cost or risk can be found in 20% of the project’s function |
| 13 | BIM integration | Integrating building information modelling with value engineering |
| 14 | Grey multicriteria decision-making | Framework for utilizing a value engineering approach to supply chain cost management and overcoming the limitations with VE by utilizing grey multicriteria decision-making |
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