File Name: difference between value engineering and cost reduction techniques .zip
The concept value engineering VE acts to increase the value of a product through the improvement in existent functions without increasing their costs. In other words, VE is a function oriented, systematic team approach study to provide value in a product, system or service. The authors systematically explore VE through the six step framework proposed by SAVE and a case study is presented to address the concern of reduction in cost without compromising the function of a hydraulic steering cylinder through the aforementioned VE framework.
Register now or log in to join your professional community. While cost cutting may require elimination of non-value adding cost in first place. At the extreme end if done on compulsion, it may lower the functionality of the offerings.
Tom Gilmartin of ALEC Fitout outlines the challenge of educating the local construction market about value engineering. Clients want to save money, and designers push back as they want to protect the integrity and intent of their design. Contractors can be caught in the middle — how can we maintain design and achieve target budget? In the UAE construction and fit-out market, the two very different concepts of cost saving and value for money have over time intertwined into a solution labelled value engineering. Clients and developers expect to reduce their budget, thus increase the value of their expenditure. However, what happens when a client demands impossible target budgets, or the contractor introduces cheap and inferior products and materials that destroy the design intent and vision of the architect or interior design team? Contractors struggling to achieve a target budget are unable to resource the project properly, leading to inevitable delays in delivery.
Value engineering VE is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The reasoning behind value engineering is as follows: if marketers expect a product to become practically or stylistically obsolete within a specific length of time, they can design it to only last for that specific lifetime.
Value Engineering VE is important tool to company in global market competition to providing a demand. VE process can provide for company continued growth and prosperity if applied properly. VE is defines as the systematic application of recognized techniques, which identify the function of product or service, establishes a monetary value for that function and provides the necessary function reliability at the lowest overall cost. This paper will presents a process on how to apply VE tools in manufacturing company. Therefore, we would like to study the application of VE approach method and at the same time investigating how much cost reduction can be done. The function of product will be defining and cost reduction is suggested by proposing alternative method to achieve that function. However the function quality is never degrading.
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Joo, J. Second-look value engineering VE is an approach that aims to lower the costs of products for which target costs are not being met during the production stage. Participants in second-look VE typically come up with a variety of ideas for cost cutting, but the outcomes often depend on their levels of experience, and not many good alternatives are available during the production stage. Nonetheless, good ideas have been consistently generated by VE experts.
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