Importance Of Value Engineering

• Introduction:-

Value engineering (VE) is an organized method that is made to be used to increase the "value" of services and products by testing if it does the functions that it is meant to do. The definition of value is how function is related to cost. Therefore the value can be increased either by making the function that it does better, or by decreasing the cost. A main key principle of value engineering is that the basic functions be kept aside and not reduced as a result of looking for value improvements.

The reasons behind value engineering are as follow: if marketers suppose a product to become obsolete within a specific time, they then can only create it to only last for that specific duration. The products could be created with

Vance Packard once stated that this practice gave engineering a bad name, because it aimed at creative engineering which lead towards short-term mark ends. Some philosophers for example Herbert Marcuse and Jacque Fresco have disapproved of the economic and public implications of the model.

• History

Value engineering was established at General Electric Cooperation during the World War II. Due to the war, there was a shortage of skilled workers, raw materials, and factor parts. Lawrence Miles, Jerry Leftow, and Harry Erlicher who worked at G.E, looked for adequate alternatives. They noticed that the alternatives they need will sometimes reduce costs, improves the product, or even does both. What started out as a misfortune of requirements was turned into an organized systematic process. They called their technique "value analysis".

• Description (advantages and

For example a wooden stick that is being used to mix a can of paint has a "function" of mixing the paint inside the can, but is not being used for its original purpose which is using it in creating wooden stuff like tables, chairs etc. In value engineering "functions" are always described in two word abbreviations which consist of an active verb and measurable noun.

Value engineering uses reasonable logic (a unique "how" - "why" questioning technique) and the analysis of function to identify relationships that increase value. It is considered a quantitative method similar to the scientific method, which focuses on hypothesis-conclusion approaches to test relationships, and operations research, which uses model building to identify analytical relationships.

Value engineering is also referred to as "value management" or "value methodology" (VM), and "value analysis" (VA). VE is a structured problem-solving process based on function analysis—understanding something with such clearness that it can be described in two words, the active verb and measurable noun