When doing assessment for Value Engineering (VE), several questions should be brought to the table. What is it?; What does it do?; What if it is replaced?. With rapid improvement of technologies, there are a variety of materials and systems which give several alternatives to replace the proposed in the project design. Depending on the owner’s expectations and always keeping the quality, there could be opportunities to minimize cost, improve time of construction, upgrade reliability, reduce maintenance frequency, improve the life cycle costing, recycling, sustainability, etc. The VE most important objective is to identify anything that add cost without contributing to the project requirements and could be substituted.