Function Analysis Relating to Decision Making in Value Engineering

This paper attempts to analyze the interrelationship of FAST, CPM, and the cause-effect analysis techniques in VE study. The study process is conducted by deriving one diagram from the other. It has been found that FAST, CPM, and the cause-effect diagrams can represent each other. The study process follows the VE job plan. In addition, this paper discovered four mathematical methods through five case studies in selecting functions for development. Respectively, Matrix analysis provides an efficient method in selecting functions. The AHP methodology determined the priorities selection of the functions through the calculation methods recommended by Saaty. The accuracy of the result is ensured by logical consistency checking. The Payoffmatrix is a set of simplified methods in decision making. In applying Bayes' theorem, both "a priori" and "a posteriori" analyses are experienced. A posteriori probabilities provide a reversed probability when the subsequent information is known. The four methods are used together to comprehensively arrive at a final decision for developing functions during a VE study. The final decision is thus scientific and reliable. The methodology so developed contributes to the VE literature as a new technique that can be applied in the field.