Value Engineering

Posted in Operations and Supply Chain Terms, Total Reads: 1340

Definition: Value Engineering

Value engineering provides additional value over the expected ones from the product or services purchased. Value   engineering  caters by offering more functional attributes than the expected conventional ones.

Example a tuning fork which  is designed to measure the pulse rate has a value function  more than its  expected one which measures the  frequency of a vibrating body .

A screwdriver having certain other accessories can also function as a pen .

The focus of value engineering is  maintained at the time of designing or conceptualising a product.

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