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Value engineering can lead to the substitution of lower-cost materials, as with the exterior cladding that accelerated the Grenfell Tower fire in London. [1] [2]Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality.
Value-driven design (VDD) is a systems engineering strategy based on microeconomics which enables multidisciplinary design optimization. Value-driven design is being developed by the American Institute of Aeronautics and Astronautics , through a program committee of government, industry and academic representatives. [ 1 ]
Value Delivery Modeling Language (VDML) is a standard modeling language for analysis and design of the operation of an enterprise with particular focus on the creation and exchange of value. [1] [2] In 2009, the Object Management Group (OMG) launched a Request for Proposal (RfP) to develop a standard for value modeling. The goal of this RfP is ...
Value-based engineering (VBE) is a system development and innovation approach that implements the IEEE St. 7000 "Model Process for Addressing Ethical Concerns during System Design" released in 2021. [1]
The engineering design process, also known as the engineering method, is a common series of steps that engineers use in creating functional products and processes. The process is highly iterative – parts of the process often need to be repeated many times before another can be entered – though the part(s) that get iterated and the number of such cycles in any given project may vary.
For example, engineering economic analysis helps a company not only determine the difference between fixed and incremental costs of certain operations, but also calculates that cost, depending upon a number of variables. Further uses of engineering economics include: Value analysis; Linear programming; Critical path economy
Design optimization applies the methods of mathematical optimization to design problem formulations and it is sometimes used interchangeably with the term engineering optimization. When the objective function f is a vector rather than a scalar , the problem becomes a multi-objective optimization one.
A function analysis diagram (FAD) is a method used in engineering design to model and visualize the functions and interactions between components of a system or product. It represents the functional relationships through a diagram consisting of blocks, which represent physical components, and labeled relations/arrows between them, which represent useful or harmful functional interactions.