VALUE ANALYSIS.pdf - VALUE ANALYSIS IT IS A SYSTEMATIC...

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VALUE ANALYSIS IT IS A SYSTEMATIC PROCEDURE FOR THE EFFICIENT IDENTIFICATION OF UNNECESSARY COSTS (Costs which provides neither quality, nor life, nor appearance nor customer features) . IT PROVIDES THE DESIRED FUNCTION AT THE LOWEST COST
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Definition of Value Analysis Value Analysis can be defined as a process of systematic review that is applied to existing product designs in order to compare the function of the product required by a customer to meet their requirements at the lowest cost consistent with the specified performance and reliability needed .
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Key Points Value Analysis (and Value Engineering) is a systematic, formal and organized process of analysis and evaluation. It is not haphazard or informal and it is a management activity that requires planning, control and co-ordination. The analysis concerns the function of a product to meet the demands or application needed by a customer. To meet this functional requirement the review process must include an understanding of the purpose to which the product is used.
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