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Definition: Value Engineering is a function-oriented method by Miles and Erlicher ('47) to analyze and improve the value of a product, facility design, system or service. It is a powerful method for problem solving and/or reducing costs while improving performance/quality requirements. Value, as defined, is the ratio of Function to Cost, and can therefore be increased by either improving the function or by reducing the cost. |
Learn more about Value Engineering More on quality control and management: 14 Points of Management, Configuration Management, Failure Mode and Effects Analysis, Quality Assurance, Quality by Design, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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