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Value Engineering and Its Importance In Engineering Industry

Value Engineering

The value is a function of cost. Therefore, it can be increased either by improving the function or reducing cost. The maximum value is achieved when the function performs reliably at the lowest cost. A key principle of value engineering that basic functions be preserved and not reduced as a result of improvements in value. Thus Value Engineering (VE) is a systematic method to improve the "value" of goods, products or services through an examination of the function.