Define Value Engineering Analysis - 3363 Words

2) Define value engineering analysis. Discuss briefly the various approaches for VE and VA. Value Engineering (VE) or Value Analysis (VA) is an important and powerful approach for improvement in the performance of the products, systems or procedures and reduction in costs without jeopardising their function. L.D. Miles defined Value Analysis in his book Techniques of Value Analysis and Engineering (1961) as an organised creative approach which has for its purpose the efficient identification of unnecessary cost i.e., cost which provides neither quality, nor use, nor life, nor appearance, nor customer features. Thus the basic objective of VE/VA is to achieve equivalent or better performance at a lower cost while maintaining all†¦show more content†¦These job plans have various steps and phases with their associated VE techniques at each phase. In one of the job plans the seven steps involved are: (1) preparation, (2) problem selection, (3) information, (4) evaluation, (5) creation, (6) selection and presentation, and (7) implementation and follow up. The salient features of three different approaches to conduct a VE programme. These are: a) Job Plan due to Mudge b) DARSIRI method c) FAST (Function Analysis System Technique) The Job Plan due to Mudge is a very well recognised approach. The seven phases of Job Plan are: i) General phase ii) Information phase iii) Function phase iv) Creation phase v) Evaluation phase vi) Investigation phase vii) Recommendation phase. Each of these phases comprises or is supported by one or more techniques. There are work-sheets for each phase. The practice of Job Plan and the application of VE techniques should be made on properly selected project. Thus selection of VE projects is important. Those products should be chosen for the study which is significant in terms of cost reduction potential. In step-by-step application of the Job Plan the project unfolds from the information phase right up to recommendation phase. The general phase plays vital role throughout and provides a good base for other phases to succeed. Brief description of each phase together with associated VE techniques are given in the following sub-sections.Show MoreRelatedApproaches to Risk Analysis Essay912 Words   |  4 PagesWhen planning any kind of project, especially an information security project, risk analysis is very important. Risk analysis, in the context of information security, is the process of assessing potential threats to an organization and the overall risk they pose to the continued operation of the organization. There are multiple approaches to risk analysis, and multitudes of literature have been published on the subject. 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