Define Value Engineering. Steps in value engineering Distinction between value engineering & value analysis.

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Value engineering:

Value engineering is an organized creative approach to ensures that essential function of product or service are provided at minimum overall cost without sacrificing quality and reliability.

Steps in value analysis:

Value analysis is a systematic approach and it follows a planned and disciplined procedure to analyze the job. The steps in V.A. are:

1. SELECTION OF PRODUCT:

High volume product will give maximum returns from value analysis. The factors influencing the selection of the products are:

a) Market research estimated product life.

b) Expected variation in labour and material cost throughout the expected life of the product.

c) Changes in trading conditions.

d) Time and cost to modify tooling, carry out field tests.

e) Cost effect of increased inventory, interchangeability and spares.

f) Overall cost to make the change and likely savings.

2. INFORMATION GATHERING:

All the relevant information is to be collected before the team meets for the session. The following information will be needed:

• All drawings and specifications.

• All cost details.

• Machining and assembly details.

• Features preferred by customers.

• Supply details.

• Failure details and service records.

• Quantities involved.

• All manufacturing details.

• Any other relevant information pertaining to the product.

3. DEFINATION AND ANALYSIS OF FUNCTIONS:

Function is that which a product does in order to work or sell.

Miles set the rules for defining functions. The expression of all the functions must be accomplished in just two words, a VERB and NOUN.

The two words definition of functions help to state with clarity the function performed by a product or part. This helps to break the problems into simplest elements. Faulty communication and misunderstanding is reduced by defining the function in two words.

All the functions can be divided into two levels as per the importance BASIC and SECONDARY.

Basic (or primary) function is the basic purpose for which the product exists, i.e. the basic function of pen is to communicate idea. Or a bottle holding fruit juice is “contain liquid”.

Secondary function can be more than one and they support the primary function.

The functional approach is applied to the whole product, subassemblies and then individual components. Any deviation from this sequence leads to the analysis of only part of the function. The analysis of subassembly may lead to the elimination or combination elsewhere.

In the function phase,

First step is to identify the functions and their levels as basic and secondary.

Second step is to allocate proper costs to the selected functions.

Sr.no.	Value engineering	Value analysis
1	Value engineering is the application of exactly the same set of techniques to a new product at the design stage, project concept or preliminary design when no hardware exist, Its purpose is to ensure that no bad features are added in the product at the design stage.	Value analysis is the application of a set of techniques to an existing product with a view to improve its value.
2	In short, Value engineering is an early stage process.	In short, Value analysis is done after the birth of the product (to an existing product)
3	Value engineering is thus a preventive process	Value analysis is thus a remedial process
4	Value engineering provides us better/ optimized engineering results.	Value analysis done to have better/ optimized commercial output
5	Value engineering is carried out during the new product development or engineering of the product, but we analyze the value once it has been engineered/ developed.	Value analysis is “A systematic and objective evaluation of the value of goods or service, focusing on analysis of function relative to the cost of manufacturing or providing he items or service”.

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