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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 ]
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
Value-stream mapping has supporting methods that are often used in lean environments to analyze and design flows at the system level (across multiple processes).. Although value-stream mapping is often associated with manufacturing, it is also used in logistics, supply chain, service related industries, healthcare, [5] [6] software development, [7] [8] product development, [9] project ...
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.
Systems engineering: Ensure that the product satisfies customer needs, cost requirements, and quality demands. Value engineering: Consider alternative designs and construction techniques to reduce cost/increase profit. Value analysis: Assess the cost/quality ratio to ensure that the product is cost effective.
Engineering analysis is decompositional: it proceeds by separating the engineering design into the mechanisms of operation or failure, analyzing or estimating each component of the operation or failure mechanism in isolation, and re-combining the components according to basic physical principles and natural laws.
Function cost analysis (FСА) (sometimes called function value analysis (FVA)) is a method of technical and economic research of the systems for purpose to optimize a parity between system's (as product or service) consumer functions or properties (also known as value) and expenses to achieve those functions or properties.