Final answer:
Value engineering is not only during the planning phase but can occur at any stage, with early implementation being most effective. It involves multidisciplinary teams and should adapt to the project's circumstances.
Step-by-step explanation:
The statement "Value engineering occurs only during the planning phase of a project" is False. Value engineering is a systematic method to improve the "value" of goods or products and services by using an examination of function. It can occur at any stage of the project, including the planning, design, and construction phases. However, it is most beneficial when implemented in the early stages so that any design changes are less costly to enact.
Value engineering involves interdisciplinary teams and is not restricted to very large companies nor is it done almost always alone. Typically, engineers work in teams, often consisting of individuals with diverse expertise, since collaborative efforts yield better results. It is integral to understand that the design process is flexible; assumptions and requirements should be continually reviewed to ensure the end product meets the desired needs effectively.