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Value Engineering
Value engineering is systematic method to improve the "value" of goods and services by examining the product's function. Value is defined as the ratio of function to cost. Value can therefore be increased by either improving the functionality of the product or by reducing the cost of the product. It is a primary tenet of value engineering that basic functionality of a product be preserved and not be eliminated, lost or minimized by implementing value improvements. Reducing costs by eliminating core functionality is unacceptable. |
