Value Analysis/Value Engineering is a systematic and structured approach used to improve the value of a product, process, or system by analyzing its functions, components, and costs. The primary goal of VAVE is to increase the value of a product by reducing its cost while maintaining or improving its functionality, quality, and performance.
The VAVE process typically involves a cross-functional team of experts who analyze the product design, manufacturing process, and supply chain to identify opportunities for cost reduction and performance improvement. The team uses a variety of tools and techniques, such as FAST diagram, brainstorming, benchmarking, and cost-benefit analysis, to identify and evaluate potential cost-saving measures.
Some common strategies used in VAVE include redesigning components or processes to reduce complexity, substituting lower-cost materials or components without sacrificing performance, and optimizing the product or process for efficient manufacturing.
VAVE can be applied to a wide range of industries and products, including automotive, aerospace, consumer goods, and electronics. It is a valuable tool for companies looking to improve their competitiveness by reducing costs and improving product quality and performance.