Systematic Approach for Value Engineering Act

Systematic Approach for Value Engineering Act - Directs Federal executive 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 or subcontracts to require such governments to obtain value engineering reviews as a condition for obtaining program grants. 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 periodically conduct, or provide for the conduct of, value engineering reviews of their agencies.

Requires such Federal officials to establish a system within the agency to ensure that value engineering requirements are conscientiously and effectively implemented.

Directs the Inspectors General of each executive agency to submit to the Congress and to each executive agency head a report on the implementation of the value engineering requirements of this Act.