Value engineering helps achieve best value in product development

Value engineering has been used for over 50 years to optimize existing products. In the recent years, it has also been used throughout the product development process to engineer value into the new products, as they are being... [ view full abstract ]

Value engineering has been used for over 50 years to optimize existing products. In the recent years, it has also been used throughout the product development process to engineer value into the new products, as they are being designed, through the different stages of development. The whole process starts with a thorough needs analysis. Europe has developed standards in needs analysis to make sure it is done properly and its results can be used by product developers, even in a competitive manner. This will be illustrated.
The paper will discuss the process of engineering value into products, from the analysis of the needs it must fulfill, up to the cost analysis of the preferred solution, with a step by step approach. It will show the different tools and methods to use in this approach, with a few examples. It will then present the value graph, and its uses. Examples of value graphs of various projects will be shown to illustrate how to read them.
The paper will also present the basis for implementing a value engineering program within your company: who should be involved and roles and responsibilities of each participant.
The presentations will demonstrate that Value engineering is now a proactive approach to develop products, parts, components, and subsystems with the best value for the stakeholders involved. It is the umbrella approach which will include many tools of optimization, in the context of best value. It is the basis for value management, helping each company make decisions based on value, not only on financial ratios or lowest cost.