Purpose-Construction industry in many developing countries is reluctant to apply Value Engineering (VE) due to uncertainty of outcomes. Thus, the purpose of this paper is to examine existing practices of VE techniques and make recommendations to organisations and national construction regulatory bodies to standardise VE practices to achieve value for money for all stakeholders. Further, a decision making formula is introduced to determine profitability of VE applications prior to implementation. Methodology-A broad literature review consisting of six case studies with 39 semi structured interviews and six experienced professional's interviews were conducted with construction professionals having extensive knowledge on VE techniques in Sri Lanka, to gather data. Building projects which applied VE were selected as case studies. Content analysis and cognitive mapping were used to analyse data within case studies. Findings-Findings revealed that application, knowledge and experience on VE techniques among construction professionals is unsatisfactory. Recommendations include reducing contractor's design responsibility, introducing proper VE guidelines and statutory regulations. Accordingly, a framework is introduced with recommendations to assist authorities to standardise application of VE techniques. Finally, a decision making formula is suggested to determine margins of contractor's portion due to VE techniques and original profits gained. Value-The formula can be used as a decision making tool by construction industry practitioners to determine successfulness of proposed VE techniques and proposed framework can be used to guide construction professional bodies to standardise VE practices to achieve value for money.