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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. |
More on quality control and management: 14 Points of Management, Configuration Management, Failure Mode and Effects Analysis, Quality Assurance, Quality by Design, more... |
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