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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.
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. . Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the ...
Some examples of engineering economic problems range from value analysis to economic studies. Each of these is relevant in different situations, and most often used by engineers or project managers. For example, engineering economic analysis helps a company not only determine the difference between fixed and incremental costs of certain ...
Engineering management is the application of engineering methods, tools, and techniques to business management systems. Engineering management is a career that brings together the technological problem-solving ability of engineering and the organizational, administrative, legal and planning abilities of management in order to oversee the operational performance of complex engineering-driven ...
Hard systems approaches such as systems analysis (structured methods), operations research and so on, assume that the problems associated with such systems are well-defined and likely to have a single, optimum solution, so a problem-solving approach will work well as technical factors tend to predominate.
Value theory investigates the nature, sources, and types of values in general. [1] Some philosophers understand value theory as a subdiscipline of ethics. This is based on the idea that what people should do is affected by value considerations but not necessarily limited to them. [6] Another view sees ethics as a subdiscipline of value theory.
The analysis of such social decisions is often treated under decision theory, though it involves mathematical methods. In the emerging field of socio-cognitive engineering, the research is especially focused on the different types of distributed decision-making in human organizations, in normal and abnormal/emergency/crisis situations. [15]
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 ]