Value analysis - P2

Question 1

What is the purpose of value analysis?

Answer 1

Helps to design products that meet customer needs at a lower cost, while assuming required standard of quality and reliability

Question 2

What does value analysis relate to?

Answer 2

Existing products

Question 3

What does value engineering relate to?

Answer 3

Products that have not yet been produced

Question 4

What are the four types of value?

Answer 4

Cost value
Exchange value
Use value
Esteem Value

Question 5

What is cost value?

Answer 5

Cost incurred by firm producing the product/service

Question 6

What is exchange value?

Answer 6

Money that consumers are willing to exchange to obtain ownership of product

Question 7

What is use value?

Answer 7

Related entirely to function

Question 8

What is esteem value?

Answer 8

Relates to status or regard associated with ownership

Question 9

What is the method of value analysis?

Answer 9

Determine the function of product
Determine the existing cost
Develop alternative solutions to the needs met by product
Evaluate the alternatives and their anticipated effect
Implement the recommendations