Construction is a labor-intensive industry with formwork engineering requiring a disproportionate amount of labor and costs. Formwork accounts for approximately one-third of the cost of reinforced concrete construction, partly because traditional formwork processes frequently result in delivery delays and material waste. The purpose of this research is to adapt production concepts pioneered by Toyota (the “Toyota Way”) to improve formwork engineering. The Toyota Way of production consists of four tiers of management philosophy, known as the “4Ps” model. This research adopts the 4Ps as steps for formwork improvement. The first step, “establishing long term vision,” emphasizes long term considerations for formwork improvement. Step two, “establishing value streams,” reviews formwork flows and eliminates wastage. The third step, “developing the crew,” forms mold workers as a team. The final step is “developing a culture of continuous improvement” that provides a basis for constant review and provides a basis for continuous progress. The present research used the Toyota Way to improve formwork engineering. The improvements include reductions in resource waste and increases in operational value. In the long run, the proposed model could provide a learning and growth platform for individuals, the business unit, and the company’s extended network of partners. It could also serve to spur innovative thinking in the improvement of formwork engineering.