Value Engineering Flashcards
Can be defined as an organized effort directed at analyzing design building features, systems, equipment, and material selections for the purpose of achieving essential functions at the lowest life cycle cost consistent with required performance, quality, reliability, and safety.
Value Engineering
Elicits ideas on ways of maintaining or enhancing results while reducing life cycle costs.
Value Engineering
A systematic method to improve the “value” of goods or products and services by using an examination of function.
Value Engineering
A style of management particularly dedicated to motivating people, developing skills and promoting synergies and innovation, with the aim of maximizing the overall performance of an organization.
Value Management
A method to improve value in existing products
Value Analysis
Initially was used principally to identify and eliminate unnecessary costs.
Value Analysis
A systematic organized approach to providing necessary functions in a project at the lowest cost.
Value Engineering
Promotes the substitution of materials and methods with less expensive alternatives without sacrificing functionality.
Value Engineering
Value Engineering is also called as?
Value Analysis
Value engineering takes place after the completion of _________
Design process
Value engineering is best performed ______ the design is conducted
before
Reducing cost at the expense of quality
Cost-cutting strategy
Function divided by Cost
Product Value
Steps in Value Engineering
- Gather Information
- Think Creatively
- Evaluate Ideas
- Develop and Analyze
- Present Discoveries
- Implement Changes
If the company lacks the required expertise to brainstorm changes, it may rely on external third parties to manage the what?
First five steps
Types of Value
- Use Value
- Cost Value
- Esteem Value
- Exchange Value
primary type of value
Use Value
determined by the attributes of the good
Use Value
how it takes to make that good
Cost Value
intrinsic value, brand recognition
Esteem Value
product’s ability to be exchange
Exchange Value
A technique used to analyze an existing product
Value Analysis
aid manufacturing
Value Engineering
used more heavily in the business or sales department
Value Analysis
the process of designing a product to ensure the value a customer receives is maximized
Value Engineering
