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Value Engineering (VE) is a systematic process using a team from a variety of disciplines to improve the value of a project through the analysis of its functions. The VE process incorporates, to the extent possible, the values of design; construction; maintenance; contractor; state, local and federal approval agencies; other stakeholders; and the public.
FHWA regulations require that state highway agencies must establish programs to assure that VE studies are performed on all Federal-aid highway projects on the NHS that exceed $50 million or on Bridge projects that exceed $40 million.