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Value Engineering

Value engineering is the field of engineering that is based on the intensive and comprehensive process of analyzing and evaluating each aspect of a system or product in order to determine its cost efficiency. Once this initial task of inspection is completed, a value engineer will develop, recommend and, hopefully, implement ways to reduce the production or operational costs of the system, facility, service, product, equipment, etc. to which he is assigned. In short, value engineering has as its objective the maximization of performance and function yet achieved with the most minimum possible cost.

Value engineering is based on the philosophy that a large percentage of the population actually makes use of only a small percentage of any given product’s capabilities (for example, many people only use computers to write documents, make spreadsheets, email and surf the internet.) To a value engineer, this fact means that it is possible to produce an item that is considered superior by the majority’s standards and that is still affordable since it is quite basic in its design. As for the more advanced features that the remaining few may require, those can be sold separately as options.

Web Resources On Value Engineering

Larry Miles and Value Engineering
Wikipedia: Value Engineering

Book Resources On Value Engineering

Value Engineering: Practical Applications...for Design, Construction, Maintenance & Operations by Alphonse Dell'Isola
Value Engineering: A Plan for Invention by Richard J. Park

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