Suppliers strive to remain competitive by increasing the value of the product
or service to the end consumer. Tools such as value analysis and value
engineering are adopted to achieve these goals.
Modern organizations have come to realize that if they don't improve their
products and services while simultaneously reducing costs and adding value,
they will lose their market share to the competition. The components of value
have emerged into a new field called value management, which is comprised of
value analysis and value engineering.
Value analysis and a companion technique called value engineering are
structured processes for idea generation and evaluation that are used to
identify lower-cost product and service designs. This ultimately leads to
increased process efficiencies and reduced costs.
This course describes the principles, evaluation, and decision-making
components of value analysis and value engineering to help supply
professionals build a working knowledge of value analysis and value
engineering components, techniques, processes, applications, and requirements.
After completing this course, you should be able to:
Explain value analysis and value engineering.
Identify the principles of value analysis.
Describe the evaluation phase of value analysis.
Explain the decision and implementation phase of value analysis.