This panel will outline and share the Southern California Edison's (SCE) Value Engineering (VE) efforts focused on improving the value of goods or products and services to customers by either improving function or reducing cost through value engineering principles. A VE work group was established to review SCE's standards, specifications and planning guidelines. The VE tenets were to meet identified regulatory obligations, develop technology neutral performance requirements, provide mechanism for suppliers to present design alternatives and innovation, unbundle requirements to allow suppliers to provide cost saving options, assess reliability and risk vs cost based trade-off, align SCE design with common industry practice where practical and to increase the competitive pool of suppliers. This panel will share SCE's experience with others in the industry to help them understand what VE is and how it can be applied to various project execution models.