Aims The aims of value engineering are as follows:
ü Simplify the product.
ü Use (new) cheaper and better materials.
ü Modify and improve product design.
ü Use efficient processes.
ü Reduce the product cost.
ü Increase the utility of the product by economical means.
ü Save money or increase the profits.
Value Engineering Procedure
The basic steps of value engineering are as follows:
(a) Blast (i) Identify the product.
(ii) Collect relevant information.
(iii) Define different functions.
(b) Create (iv) Different alternatives.
(v) Critically evaluate the alternatives.
(c) Refine (vi) Develop the best alternative.
(vii) Implement the alternative.
Step 1: Identify the product. First, identify the component for study. In future, any design change should add value and it should not make the product as obsolete one. Value engineering can be applied to a product as a whole or to sub-units.
Step 2: Collect relevant information. Information relevant to the following must be collected:
ü Technical specifications with drawings
ü Production processes, machine layout and instruction sheet
ü Time study details and manufacturing capacity
ü Complete cost data andmarketing details
ü Latest development in related products
Step 3: Define different functions. Identify and define the primary, secondary and tertiary functions of the product or parts of interest. Also, specify the value content of each function and identify the high cost areas.
Step 4: Different alternatives. Knowing the functions of each component part and its manufacturing details, generate the ideas and create different alternatives so as to increase the value of the product.Value engineering should be done after a brain storming session. All feasible or non-feasible suggestions are recorded without any criticism; rather, persons are encouraged to express their views freely.