Award Requirements

Award Requirements for Golden Key Award, Handa Golden Rolling Trophy & Vasant Rao Rolling Trophy

  1. Contestants shall supply information for the Handa Golden Key Rolling Trophy, as required in the questionnaire.
  2. The validity of the information submitted by the contestant shall be attested by the Chief Executive of the organisation or his accredited representative.
  3. The contestants should make available to INVEST, or it's nominee, proof in support of the claims made for both awards.
  4. The award entry forms shall be received by the Indian Value Engineering Society, in quadruplicate (4 copies), in a sealed envelope,  marked Entry for National Awards, to the Secretary, INVEST - EZC.
  5. The trophies shall be the property of Indian Value Engineering Society and shall be returned to INVEST one month before the commencement of the next annual conference on receipt of communication.
  6. The Winner will be notified in advance of the Annual Conference of the Indian Value Engineering Society .


Award Presentation

The organisation which wins this award and trophy will be requested to send a senior executive to the Society's Golden Key Award function to receive the award and trophy.

Questionnaire for "Golden Key Award / Handa Golden Rolling Trophy" and "Vasant Rao Rolling Trophy"

Entrants are required to answer the following questions and attach supporting evidence where required. Answers should be neatly typed on separate sheets attested by the chief executive or the designated person. The entries, including answers to the questionnaire, should be submitted in four copies.

Particulars of Entrants

  • Name and address of the organisation
  • Activities of the Organisation
  • Total number of employees
  • Name, designation and address of two persons in the entrant organisation who may be contacted in connection with this award.


  1. Is your organization a corporate member of INVEST.
  2. Is VE an organized activity in your orgaization? If yes please indicate:
    1. When was it instituted?
    2. How many persons have received formal VE training?
    3. How was the training imparted?
    4. Duration of the training
    5. If there is a VE team in your organization briefly describne its structure and duties.
    6. In what areas or departments has VE successfully been used in your organization?
    7. What is the designation of the person under whose direct charge the VE activity is placed? To wohm does the person in charge of VE report?
    8. If you are practising VE within your organization, but not as a systematic effort, describe how this work is undertaken, by whom,  and in which areas.
  3. Is VE separately budgeted? If so please describe your system.
  4. What benefits has your organization derived from VE, both Qualitative and Quantitative?
  5. Describe the VE methodology being followed highlighting the following:
    1. Job plan
    2. Functional Analysis
    3. Cost / Worth evaluation, etc.
    4. The case study may be included as an illustration.
  6. How you help promote value awareness in your organization?
    1. VE seminars (give frequency and duration)
    2. VE newsletter (attach sample copy)
    3. VE exihibtions (indicates when last held)
    4. VE rewards to employees (briefly give details)
    5. Any other way that you have initiated to promote value awareness in the company
  7. Will any of your employees be participating in the fortcoming INVEST National Conference?
  8. How do you ensure that the systematic application of VE is meeting its objectives and the change is effectively implemented?
    (Attach copies of VE workbooks, VCEP implementation check sheets, etc.)
  9. How do you ensure that th eproposals are effectively and speedily implemented, and what measures have you taken to ascertain that such changes have been successful and accepted by the client?
  10. What environments or other constraints have you experienced which inhibit your Value engineering effort and what are the steps taken or proposed to be taken to overcome the same?
  11. Do you have a VE incentive clause with your suppliers? If yes, attach a copy of sample contract clause.
  12. Has the use of VE helped in making any changes in your product or service, which were desired by your customer? (Please give brief details).
  13. How do you ensure that the benefits are shared equally by the manufacturer, middleman and the user?
  14. If imported component / raw material is an essential item, please give particulars of efforts made to substitute and / or indigenize during the last two years.
  15. What project have your VE team undertaken? Summarize under different categories.
  16. Is there a suggestion system in your organization? If so, how is it linked to the VE process?
  17. Attach one example of VE change successfully implemented in your organization :
    1. Give only those details which clearly show the change and benefits
    2. Fiscal benefits achieved
    3. To what extent creativity and originality are used
    4. What was the value added
  18. How are the VE projects selected in your organization and how does the management ensure that these are in consonence with the organization's objectives?
  19. What, in your opinion should be a satisfactory rate of benefits resulting from the time and money spent on this activity? How do you quantify these benefit in you organization? What has been the rate of return in your organisation?
  20. Describe, in about 300 words What in your organization are the management's expectations of VE and how this activity is planned to fulfil these goals.

Date:Signature and designation of
Chief Executive / designated person