For economic reasons, engineers are compelled to explore low cost methods in construction industry to reduce the overall cost of a project. Research studies have been conducted in this regard throughout the world and value engineering is one of such approaches. Its effective use and applications reduces the project cost without compromising the project quality. Project cost, and efficient design alternatives can be identified using this technique, which will ultimately reduce the overall project cost. Client satisfaction, project reliability and quality can also be improved by the application of value engineering. It is also used for improving managerial performance, project schedule and reduced risks in a project. It is a powerful tool used to identify problems and recommend solutions. This paper highlights the importance of value engineering in general and with specific perspective of Construction Industry in Pakistan. Questionnaire based survey has been conducted by construction managers (i.e. project engineers, construction engineers, project managers, architects, etc.) through online web based system, as a result, random data sampling is achieved. The attributes are mapped to obtain goals for the project. The data has been analyzed through reliability and linear regression using SPSS while Z-Score and Average Index are conducted using MS Excel. The results showed that there is ample need to apply such techniques in initial phases of any project to get project benefits.