There is no difference between value analysis and value engineering. Both are names applied to the same formal analytical process developed at General Electric in 1947 by Larry Miles. It was originally called value analysis, and has come to be called by several names as time has passed (value analysis, value engineering, value management, the value methodology). The term "Value Engineering" is also often mis-used to refer to any exercise to reduce cost.
Don Stafford, VP-Education, SAVE International
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Value engineering refers to a system to improve the value of products by examining the function. Value is defined by a ratio of cost to function and value engineering is specifically defined in a public law.
Goal Seeking analysis
Reaching and understanding of the process
no different it's the same
Value analysis is "A Systematic and objective evaluation of the value of a goods or service, focusing on analysis of function relative to the cost of manufacturing or providing the items or service". value analysis provides insight into the inherent worth of final goods or service, possibly altering specifications and quality requirements that could reduce costs without impairing functional suitability. Value engineering is "Value analysis conducted at the design engineering stage of the product development process." In summary value analysis refers to the analysis of an existing product, service or administrative process while Value engineering refers to the same analysis applied to the product ,services or administrative processes that are under design and have not been finalised.
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Dimensional analysis is a method in physics and engineering used to check the correctness of equations by examining their dimensions, or units of measure. By ensuring that the dimensions of physical quantities on both sides of an equation are consistent, dimensional analysis can help identify errors and verify the relationships between different variables. It is a powerful tool for understanding and deriving equations in science and engineering.
value engineering services is a way for providing important project services at the lowest feasible cost that is methodical and scheduled. While retaining functionality, value engineering recommends employing less expensive materials and technology. It is more concerned with the use of various components and materials than with their mechanical properties. Value analysis is another term for value engineering. Value analysis and value engineering are used to evaluate the planned architectural features, systems, equipment, and material selections in order to achieve necessary functionalities at the lowest possible cost. At the same time, required performance, quality, dependability, or safety are maintained. Through its network of manufacturers and testing facilities, Rheomold Engineering Solution LLP is well-known for offering high-quality, expert value engineering services. Our simple yet efficient technique of providing value analysis services aids in the identification of various design restrictions, allowing for a better understanding of design aspects and production constraints, and highlights areas that may be considerably improved.
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Value engineering is important because companies want to differentiate their products from their competitors. Value engineering adds features for the customers.
Base Line Study, process Engineering, Value Stream Mapping, SWOT ( Strength, Weaknesses, Opportunities and Threats )analysis, PEST ( Political, Economic, Sociological and technological )Analysis
Value engineering is an approach to productivity improvement that attempts to increase the value obtained by a customer of a product by offering the same level of functionality at a lower cost. Value engineering is sometimes used to apply to this process of cost reduction prior to manufacture, while "value analysis" applies the process to products currently being manufactured. Both attempt to eliminate costs that do not contribute to the value and performance of the product (or service, but the approach is more common in manufacturing). Value engineering, thus, critically examines the contribution made to product value by each feature of a design. It then looks to deliver the same contribution at lower cost. Different types of value are recognised by the approach : Use value relates to the attributes of a product which enable it to perform its function. Cost value is the total cost of producing the product. Esteem value is the additional premium price which a product can attract because of its intrinsic attractiveness to purchasers. Exchange value is the sum of the attributes which enable the product to be exchanged or sold. Although the relative magnitude of these different types of value will vary between products, and perhaps over the life of a product, VE attempts to identify the contribution of each feature to each type of value through systematic analysis and structured creativity enhancing techniques. Value engineering programs are best delivered by multi-skilled teams consisting of designers, purchasing specialists, operations personnel, and financial analysts. Pareto analysis is often used to prioritise those parts of the total design that are most worthy of attention. These are then subject to rigorous scrutiny. The team analyses the function and cost of those elements and tries to find any similar components that could do the same job at lower cost. Common results are a reduction in the number of components, the use of cheaper materials, or a simplification of the process.
Correlation analysis is a type of statistical analysis used to measure the strength of the relationship between two variables. It is used to determine whether there is a cause-and-effect relationship between two variables or if one of the variables is simply related to the other. It is usually expressed as a correlation coefficient a number between -1 and 1. A positive correlation coefficient means that the variables move in the same direction while a negative correlation coefficient means they move in opposite directions.Regression analysis is a type of statistical analysis used to predict the value of one variable based on the value of another. This type of analysis is used to determine the relationship between two or more variables and to determine the direction strength and form of the relationship. Regression analysis is useful for predicting future values of the dependent variable given a set of independent variables.Correlation Analysis is used to measure the strength of the relationship between two variables.Regression Analysis is used to predict the value of one variable based on the value of another.
Factor affecting statment value analysis
Advantages of decision tree analysis: Easy to interpret, Possible scenarios can be easily added, Value of different scenarios can be determined.