Systematic Approach for Value Engineering Act

Systematic Approach for Value Engineering Act - Directs Federal agency heads to mandate value engineering reviews for Federal contracts for: (1) construction or architectural or engineering services for projects over $2,000,000; and (2) major systems procurement and any subcontract of such a procurement contract for over 20 percent of the total procurement contract amount.

Directs heads of executive and military departments and wholly owned Government corporations administering programs that provide grants to State and local governments to enable them to enter into such contracts to require such governments to require value engineering reviews for such contracts and subcontracts as a condition for obtaining grants under such a program. Provides for voluntary value engineering reviews.

Provides that the activities and expenses of certain subcontractors shall be included in such a review if the reviewer considers it appropriate.

Requires the heads of contracting executive agencies to establish a value engineering office within their respective agencies to oversee the value engineering program. Authorizes such office to: (1) conduct such reviews to the extent such activity does not interfere with oversight responsibilities; (2) deem the requirements of this Act to be met with respect to such contracts if prime contractors or subcontractors voluntarily submit value engineering change proposals with respect to such contracts; and (3) provide for such reviews by the contractor as a contract requirement.