Definitions for "Value Engineering"
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.