Value Engineering : A Case Study

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Value Analysis is an effective tool for cost reduction and the results accomplished are far greater. It improves the effectiveness of work that has been conventionally performed as it questions and probes into the very purpose, design, method of manufacture, etc., of the product with a view to pinpointing unnecessary costs, obvious and hidden which can be eliminated without adversely affecting quality, efficiency, safety and other customer features. Value analysis or engineering is a complete system for identifying and dealing with the factors that cause uncontributing cost or effort in products, processes, or services. This system uses all existing technologies, knowledge, and skills to efficiently identify costs or efforts that do not contribute to the customer's needs and wants. Its effect is to help the "good" achieve even "better."This problem-solving system is needed only when competition makes it desirable or mandatory to achieve lower costs, better problem solutions than the normal good practices in any successful competing business or service are obtaining, or more services than the available dollars will provide by present means.