Applying Value Analysis and Value Engineering

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1.00 hour
Online Self Study

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About the Course

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.

Course Description

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.

Learning Objectives

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.
  • Apply value engineering.