The Value Engineering (VE) or Value Analysis (VA) is an important and powerful tool for improvement in the performance of the products, systems or procedures. It is a cost effective approach which improves the performance without jeopardizing the function(s) and without compromising on quality, reliability etc. The terms VE and VA are used almost interchangeably. During the evolution of value methodology, many other terms have been used. These names originated from emphasis on the type of objective(s) set for the value program. Some of these terms used to convey the same concepts are value ass acne, value management, value buying and value control. However, whatever term uses the basic program methodology adopted remains the same. Value methodology deals with functions rather than products. Thus, for successful implementation of a VE study, the "problem" should be describable in function terms, and the "alternate oppresses" aggrieve the factions must be a valid consideration.
Objectives
After studying this unit. you should be able to
- conceptualize the basic methodology of Value Engineering (VE).
- differentiate between value and cost,
- appreciate the role of VE in cost effectiveness aid performance improvement,
- Identify the poor value areas in products and systems.
- discuss the content and suitability of various VE job plans.
- describe the FAST Programming for function analysis, and
- appreciate the role of some of the recognized management techniques in the implementation of a VE study.
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