Value Engineering Services
The concept of value engineering is also known as value analysis, value management, or value methodology. As a result of an organized process, it is used to analyze the functions of a product, project, or process in order to improve its value.
Value Engineering & Value Analysis (VE/VA) has a vital role to play in product development since up to 80% of a product's costs (throughout its life cycle) are controlled at the design phase. Concerning the time it takes, Value Engineering is unquestionably reasonable business speculation as part of a product development process. To make your new product development process more robust and for sound business reasons, it is strongly recommended that you incorporate Value Engineering.
On the other hand, Value Analysis deals with products that have already been introduced. In this process, a current product is analyzed and evolved to reduce its costs, improve its functionality, or both. An evaluation of value involves evaluating the costs, functions, substitutability of components, as well as the current design of the product.
Key to our Value Engineering Services
Information: At this early stage, the project team attempts to gather information regarding the project, including details about the owner’s objectives, key criteria, and definition of value.
Speculation: Many options are explored to reduce lifecycle cost while also maximizing function, the project team studies the data and brainstorms.
Evaluation: Ideas generated during brainstorming are formally evaluated by the team to determine whether they should be incorporated into the project design.
Development: A workable proposal is developed from an idea that passes the evaluation phase. An overview of the positive and negative aspects of each proposal as well as cost comparisons will accompany each proposal.
Presentation: Finally, the team conducts an oral and written presentation of their findings to clients, users, and designers. During this final stage of the project, the client/owner decides which value management proposals will be included to reduce costs and increase value.
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The value engineering process is used to examine processes in order to further enhance the value of products and services. As defined by this definition, value can be defined as the ratio of function to cost. As a result, it is possible to manipulate value in both ways, either by improving the function or by reducing the cost.
The goal of value engineering is to maximize the value of each dollar spent through systematic, organized approaches. Value engineering involves cutting costs without compromising essential attributes such as performance, reliability, or maintainability. By focusing on maximizing the project's functionality while minimizing its life-cycle cost, the greatest value can be generated. Using this approach, both the end function and the cost of the project can be optimized simultaneously.
Project success can be greatly enhanced by value engineering. As a result of using this analytical technique, you can expect to gain the following benefits:
- Enhanced understanding of the complete project
- More effective and informed decision making
- Realistic budget development
- Project’s required functions are addressed
- Cost savings – unnecessary costs are identified and removed
- Design process is accelerated
- Improved project culture – lines of communication opened up between different stakeholders
- Improved return on investment (ROI)
- Expedited project schedules
- Helps achieve an improved product design, performance and quality
- Helps develop value attitudes in project staff
- Provides competitive advantages to the company sponsoring the project in the areas of product quality, costs and customer’s satisfaction.
Initiate your VA/VE Journey with us
VE/VA helps you improve your business through structured and customized approaches that improve product and service value.
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