Abstract: This article puts forward the approach and the procedure for value engineering a nalysis of large-scale projects and applies them to the construction of the se cond Beijing Capital Airport. The value of the airport project is analy zed from the aspects of airport construction and facilities. A detailed list of the value of airport projectis presented. Four tentative schemes for the constru ction of the second Beijing Capital Airport are discussed with a view to achievi ng the maximal value. Finally, four alternativelocations for the new airport are evaluated using fuzzy Quality Function Deployment (QFD), of which the one that produces the maximal value is proposed.