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Value Engineering
Value Engineering (VE) or value analysis is a methodology by which we try to minimize the cost and improve the revenue of a product or an operation. It was developed by General Electric Corporations (GEC). Value engineering has gained popularity due to its potential for gaining high Returns on Investment (ROI). The different aspects of value engineering can be encapsulated into a sequence of steps known as a Job Plan. Value engineering in any organizations helps to identify:
The person who executes the function, It should be remembered that we are not seeking
Modern Manufacturing is seen with the management approach which consists of adopting techniques like TQM, JIT, Kanban, concurrent engineering, lean manufacturing, TPM, group technology, cellular manufacturing, and others. Four basic types of value Use value The properties or characteristics of an item or service that enables performance to satisfy the customer. Esteem value The properties or characteristics of an item or service that makes it desirable to possess. Exchange value - The properties or characteristics of an item or service that enables its exchange with another item. Cost value The total of materials, labour, and other costs that make up a product or service.
Now-a-days, the principles of value engineering starts at the product concept and design and is carried down the value chain.
The aim of value engineering is to effect economies by investigating every opportunity and discovering new materials and methods to achieve high quality performance.
The aims of value engineering can be listed as:
Product simplification
Better and less costly materials Improved product design
Benefits
Cost reduction
Overall cost consciousness A culture of effecting savings across organization
Streamlining of administration and creation of transparency in all dealings even with outsiders
Development of reliable suppliers