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 on quality control and management...
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