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Value engineering is the review of new or existing products during the design phase to reduce costs and increase functionality to increase the value of the product. The value of an item is defined as the most cost-effective way of producing an item without taking away from its purpose. Value engineering is used to solve problems, identify and eliminate unwanted costs and improve function and quality.
Benefits of Value Engineering Improved Project Quality Amplified Project Efficiency Less Waste.
Course contents, in brief: Week 1: Introduction to Product Design and Development, Product Design Steps and Product Analysis, Profit Consideration, Value Engineering (History, Concept and Definitions), Value Engineering vs. Cost Cutting. Week 2: Creative Thinking, Problem Identification and VEJP, Types of Product Functions, Functional Analysis, Functional Analysis System Technique. Week 3: Function-Cost Relationship – I, Function-Cost Relationship - II, VE Applications in Product Design, Value Engineering:Case Study -I, Value Engineering: Case Study –II. Week 4: VE Tools and Techniques – I, VE Tools and Techniques – II, , VE Success Stories –I, VE Success Stories -II .Behavioral Roadblocks
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