A technique for examination, by multi-disciplined teams, of design attributes and any other factors affecting the cost of the product to identify and implement the means of achieving the specified purpose most economically at the required standard of quality and reliability. Value analysis is the broad term usually used to include both value analysis and value engineering. Value engineering applies to products under development, whilst value analysis applies to products currently in production.
An organized effort directed at analyzing the function of systems, products, specifications, standards, practices, and procedures for the purpose of satisfying the required function at the lowest total cost of effective ownership consistent with the requirements for performance, reliability, quality and maintainability.