The Six Steps of Value Engineering

Value engineering refers to the systematic method of improving the value of a product that a project produces. It is used to analyze a service, system, or product to determine the best way to manage the important functions while reducing the cost. Value is calculated as a ratio of function to cost. A business can add value to a product by either cutting down on cost or improving the function. Most companies use value engineering as a cost-cutting strategy, where the basic function of a product...

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