Definitions for "Value Engineering"
Related Terms:
Value analysis, Activity-based management, Quality function deployment, Economic evaluation, Cost benefit analysis, Cost/benefit analysis, Qfd, Concurrent engineering, Earned value management, Methodology, Gap analysis, Earned value analysis, Best practice, Added value, Cost-benefit analysis, Design of experiments, What-if analysis, Feasibility study, Performance measurement, Continuous quality improvement, Performance improvement, Impact analysis, Quality improvement, Feasibility, Methodology, Preliminary design, Activity based costing, Technology, Continuous improvement, Theory of constraints, Delphi technique, Benefit-cost analysis, Cost-effectiveness analysis, Design, Added value, Benchmarking, Estimate to complete, Change management, Activity-based costing, Performance management, Estimating, What-if analysis, Scenario analysis, Value stream, Value for money, Monitoring, Group technology, Quality assurance, Evaluation, Analysis
A planned, clean sheet approach to problem solving, focusing on specific product design and process characteristics. Where value analysis is employed to improve value after production has begun, value engineering is employed to maximize value prior to expend- itures of facilities and tooling money.
The method of value analysis that applies to products under development.
An analysis of materials, processes, and products in which functions are related to cost and from which a selection may be made so as to achieve the desired function at the lowest overall cost consistent with performance.
In the construction industry, "value engineering" (also called value analysis and value management) is the structured process of examining the function and construction materials and processes of a building to ensure that it is delivered in the most cost-effective way. This process identifies the possible design, construction, and materials alternatives that will significantly improve the Owner's value.
an independent review of project concepts and designs with the purpose of identifying opportunities to enhance the value of the project by systematically evaluating the project's functions and ways to achieve the functions at the lowest total cost.
A specialized cost control technique, which utilizes a systematic and creative analysis of the functions of a project or operation to determine how best to achieve the necessary function, performance, and reliability at the minimum life cycle cost.
Assessing a sign that is based on the cost of its materials, design, installation and maintenance, with the goal of getting the best value for the money.
a technique for analysing qualitative and quantitative costs and benefits of component parts of a proposed system.
a process used to analyze and manage production costs for the purposes of quality improvement and increased profitability; value method, value analysis, value planning, value management, function analysis. No matter what it's called, VE stems from the mid-20th century when efficiency procedures and techniques were developed and applied for the purposes of maximizing the performance of employees more at http://www.value-engineering.com/vmtell.htm; also see the definition of excellence. definition of value engineering defined definition of VE defined definition of value planning defined definition of value management defined
a total approach to design that achieves improved performance and quality by stressing simplicity and integration of design and manufacturing techniques.
Value engineering is a functional analysis methodology that identifies and selects the best value alternative for designs, materials, processes, systems, and program documentation. VE applies to hardware and software; development, production, and manufacturing; specifications, standards, contract requirements, and other acquisition program documentation; facilities design and construction; and management or organizational systems and processes to improve the resulting product.
Evaluation of construction methods and/or materials to determine which have the net result of reducing costs, consistent with specified performance, reliability, maintainability, aesthetic, safety, and security criteria.
Determining creative methods of accomplishing your scope of work at a reduced cost to you.
A technique for assessing the functions of a product and determining whether the same functions can be achieved with fewer types of components and materials and the product produced with less resource. Variety reduction is an element of value engineering
Assessing a sign design based on the cost of its material, design, installation, and maintenance over time, with the goal of getting the best value for the money.
An analytical technique for optimizing processes and products.
The process of analyzing the cost versus the value and alternative materials, equipment, and systems.
A technical review process in which changes to the specified facilities are considered in an effort to reduce the total cost of the project. In the case of a contractor-initiated request for value engineering changes, many contracts allow sharing of the recovered savings due to the new idea (Selg, 1993). The objective of value engineering is to develop or design a facility or item that will yield the least life-cycle costs or provide the greatest value while satisfying all performance and other criteria established for it (AACE International, 1992).
(DOD) An organized effort directed at analyzing the function of Department of Defense systems, equipment, facilities, procedures and supplies for the purpose of achieving the required function at the lowest total cost of effective ownership, consistent with requirements for performance, reliability, quality, and maintainability.
Value Engineering is a systematic method to improve the "Value" of goods and services by using an examination of FUNCTION. Value, as defined, is the ratio of Function to Cost. Value can therefore be increased by either improving the Function or reducing the cost.