The Government has recently announced that it intends to redevelop a large tract of Government Land, previously used as a Primary industry Field Research Station. Details of the project are to be finalised but the key program elements have been agreed with both the planners and government are currently considering a range of strategies before announcing the specific development program and procurement process. The intention is to divide the land into a number of precincts, each having a different use. Five precincts have been defined, namely: 1. Residential, comprising a range of housing types, including high density housing with a proportion to be devoted to low income housing 2. A retail precinct 3. A commercial precinct including high rise office building 4. A technology park 5. A lifestyle park precinct to include wetlands, a playground skate park and bike and jogging trails The precincts will be separated by gardens; linked by paths and roads which will be developed as part of the project. The Government is now considering various strategies as to how it should develop the project. In particular, it is not sure whether it would be better off controlling the whole project or standing back and the letting the private sector manage the project. The Government has taken advice suggesting that a mixed development strategy is possible in which the private sector looks after some precincts in the development and the government manages the remainder. An Alliance and a Public Private Partnership have also been suggested The Government has set the following objectives for the program: Financial return: the highest return over a l0 year period is preferred 2. Controlled capital expenditure - other things being equal, low or no capital outlay preferred 3. Public acceptability of the project 4. Risk avoidance (public & workplace safety, financial, environment, timely project completion) 5. Better than carbon emission neutrality The Government's public sector has maintained an in-house capacity to design all of the components of the program. In addition, it has a very strong project management capability. In this case study you will consider 5 key questions which the Government faces bringing the program to reality. The questions posed in a logical sequence commencing with the overarching procurement strategy within the framework of project management. Your answers to the following key question shall be undertaken in the capacity of a Project Manager. 1. Value Engineering (VE) is a systematic approach applied by multidisciplinary teams to improve project value and to ensure that the project's concept design, a product or a service is fit-for-purpose and presents best value for money. Briefly explain how this approach would best suit to save costs to the packages of work and what methods would be used to save cost without compromising quality.