Value Engineering
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Posted by: Shinto ® 11/14/2009, 07:34:33 Author Profile eMail author Edit

Is 'Value Engineering' can applied to existing products? Thanks = Modified by Administrator at Sat, Nov 14, 2009, 17:46:21

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: Value Engineering
: Value Engineering -- Shinto	Post Reply	Top of thread	Engineering Forum

Posted by: rikas ® 11/15/2009, 22:51:44 Author Profile eMail author Edit

Hi, Value engineering is a methodology used to increase the value of the existing product or new product which is a variant from an existing product. Though, the tools and techniques used in VE can also be used in NPD. The value of a product can be increased by increasing the functional performance of that product, decreasing the total cost, or both. The value can be quantified by the ration Function / Cost (or) Function - Cost. Hope this helps.

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: Value Engineering
: Value Engineering -- Shinto	Post Reply	Top of thread	Engineering Forum

Posted by: jboggs ® 11/14/2009, 12:09:15 Author Profile eMail author Edit

To me, "Value Engineering" is one of those nebulous terms that means different things to different people. I'm sure various consultants can provide very specific meanings for it, but they still vary. I was involved in a "Value Engineering" effort once in which we examined a whole line of existing products. The results were a net positive but not overwhelming. We did find a component of one of the products which we identified as contributing no value whatsoever. It was removed from the bill of material and we realized a cost savings for zero investment.

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