| Abstract: |
Life cycle cost analysis (LCCA) and value engineering (VE) have emerged as critical decision-making tools in residential construction, particularly in Kerala's dynamic real estate market. This study examines the application of LCCA and VE methodologies in a G+1 residential villa project in Kollam district, Kerala, analyzing cost optimization opportunities across design, construction, and operational phases. The research employs a mixed-method approach combining quantitative cost data analysis and qualitative expert interviews to evaluate cost-effectiveness and value enhancement strategies. Primary objectives include identifying cost-intensive components, assessing VE implementation impact, and developing an optimized cost model for similar residential projects. Data collection encompasses detailed cost breakdowns, material specifications, and lifecycle projections spanning 50 years. Hypothesis testing examines relationships between VE interventions and cost reduction, as well as LCCA adoption and long-term savings. Results indicate significant cost optimization potential through strategic material substitution, construction methodology refinement, and energy-efficient design integration. The study reveals that systematic VE application can reduce initial construction costs by 12-18% while LCCA facilitates informed decision-making regarding operational expenditure. Findings contribute to evidence-based construction management practices in Kerala's residential sector, offering practical frameworks for cost optimization without compromising quality standards. |
