Value Analysis is a term that is often used in Value Engineering. Value Engineering is defined as,
The modification of designs and systems according to value analysis
The next question would then be – What is Value Analysis? From definition point of view, Value Analysis is,
An activity devoted to optimizing cost performance
In simpler terms, it is an activity that looks into reducing the overall cost of the project without impacting the scope. There are 4 steps to make this happen,
- Identify functions
- Establish values for those functions
- Brainstorm on how to provide the function at lowest overall cost
- Quality shouldn’t go down
Don’t forget to watch the video for explanation with examples.
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