Target Value Design definition

Target Value Design is a design discipline that requires project values, cost, schedule, and constructability to be basic components of the design criteria, and uses cost targets to drive innovation in designing a project to provide optimum value to an owner. Target Value Design uses constructability and cost information from the Risk/Reward Team before design decisions are made to allow the design to progress within the Target Cost and Contract Time.

Target Value Design process for the Project shall comply with the definition and requirements then in effect of the Lean Construction Institute, as may be amended during the Project.

Target Value Design means a method for setting project targets and steering design and construction towards them. This is a lean project delivery approach where integrated teams collaborate though the design and build processes to optimize project delivery through value-based decisions and real market cost input to significantly improve value and

Examples of Target Value Design in a sentence

• Target Value Design is a design discipline that requires project values, cost, schedule, and constructability to be basic components of the design criteria, and that uses cost targets to drive innovation in designing a project to provide optimum value to the Owner.

• The Target Value Design goals are defined at the onset of the Project, continuously reinforced by Architect, Owner, and Contractor for the duration of the Project, and used to guide the design process to a successful conclusion.

• The Target Value Design goals are defined at the onset of the Project, continuously reinforced by Engineer, Owner, and Contractor for the duration of the Project, and used to guide the design process to a successful conclusion.

• Judicial Council will review a submitted Periodic Cost Estimate to determine whether Design Build Entity is designing the Project consistent with the Target GMP and complying with the Target Value Design approach.

• Design Build Entity shall design the Project utilizing the Target Value Design approach.

• Design Build Entity shall establish target cost values for components of the building in accordance with Uniformat and utilize the principles of Target Value Design throughout the Design Work to ensure estimates do not exceed the target costs or the Target GMP.

• Utilizing the Target Value Design approach, Design Build Entity shall update the estimated cost of Construction Work in accordance with Uniformat and the TGMP/GMP Preparation Form at reasonable intervals, not to exceed every three (3) weeks.

• Design Build Entity shall design the Project utilizing Lean Project Delivery Methods, including, without limitation, the Target Value Design approach, to ensure the Project design is consistent with the Performance Criteria Documents and does not exceed the Target GMP.

• Value Engineering Proposals shall be a primary focus of the Target Value Design clusters and shall be the basis of set-based design.

• As a part of the Target Value Design, the initial Core Group will establish an acceptable Owner’s Contingency to be used to fund some or all of Owner’s obligations under Article 24.

More Definitions of Target Value Design

Target Value Design or “TVD” is a design methodology that requires Project values, cost, quality, schedule, and constructability to be basic components of the design criteria, and uses cost targets to drive innovation in designing a project that provides optimum value to Owner.