Value Engineering

Value Engineering

Value Engineering

Value engineering, as the name suggests, is a process to enhance the value of products, goods or services by utilizing an examination of function. Value engineering was first applied in US during the time of World War II. It was basically used in military construction and was eventually expanded later on. Today, value engineering is taken as the most efficient value improving practices that can be employed by the management.

Value can be taken as the ratio of function to cost. Value can thus be increased either by reducing the cost or improving its function. As per the law in the USA, every executive agency is supposed to maintain and establish cost effective value processes and procedures. Value Engineering is often taught within industrial engineering or project management body of knowledge as a way through which value of any system outputs are optimized creating a mixture of costs and performance. In many cases this form of engineering removes and identifies unwanted expenditures and thus increases the value for the customers as well as manufacturers.

This form of engineering is successfully applied to strategic quality improvement, strategic planning, manufacturing, management studies and construction has demonstrated both its durability and versatility as a management practice. Value engineering is different from other management tools in 3 ways:

It is function based

It follows a particular methodology

It is multidisciplinary

In industry value engineering allows you to:

Decrease time to market

Decrease product and operating costs

Make use of resources more effectively

Compete successfully internationally

Enhance employee involvement/contribution

In the Government sector, Value engineering enables you to:

Optimize the scope and budget

Noticeably define the process/project approach

Decrease waste

Expand consensus

Provide right direction to the project team

Value engineering is basically aimed at increasing the value or improving the output without actually increasing the cost of the input. It is actually about the function of a thing and not what it is. For instance a screw driver when use to stir a can full of paint functions as an object mixing contents and not as a regular device to loosen up bolt nuts. In this form of engineering functions are often described as a 2 word synopsis of a measurable noun and an active verb.

Value engineering has great benefits as it allows discovering new means of using a product apart from its original utility. It is a way to discover how devices or products can be used in more than one way to reduce the dependency on other products. Value engineering is a quantitative procedure same as scientific methods that concentrates on hypothesis- conclusion approaches to operation research to test relationships which make use of model building to recognize productive relationships.

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