Write a 1 page essay on Engineering/Value Analysis.
Value engineering is, therefore, function focused. Advantages that accrue to value engineers is that is that there are more savings, changes effected at this stage are less costly due to fewer limitations and production takes shorter time. Value engineering purposes at maintaining performance at the same time aims at reducing costs.
Value analysis is a methodical procedure of formal and organized process that includes analysis of functions of products to meet customer demands. The aim of value analysis is to secure benefits for an organization (Younker, 2003). In order to yield benefits for the company, value analysis seeks to lower cost of production through improvement of products. Value analysis looks at costs that can be avoided without adversely affecting crucial elements of products and customer preference. It improves effectiveness of processes.