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Q2.What is Value Engineering or Value Analysis? Elucidate five companies which have incorporated VE with brief explanation. Q2.What is Value Engineering or Value Analysis? Elucidate five companies which have incorporated VE with brief explanation.

Answer: Value Engineering / Value Analysis basically it is a methodology by which we try to find substitutes for a product or an operation. It can be conducted both internally and externally. The concept took shape during the Second World War. The thinking process calls for a deep study of a product – the purpose for which it is used, the raw materials used, the processes of transformation, the equipment needed etc. and question whether what is being used is the most appropriate and economical. This applies to all aspects of the product.
For example, let us consider a component needs a round brass rod as raw material in size 21.5 mm. Diameter. It has seven operations –cutting, drilling, and chamfering boring. Milling, plating, and polishing, Value analysis considers all aspects of each of these and investigates whether any of them can substituted by another material, a different size, a different tool, a different machine, a different cot sequence, a different tool for an operation, a different chemical, a different concentration, a different voltage, shorter time or processing. Studies can be conducted to verify whether any operation can be eliminated.

Simplification of processes reduces the cost of manufacture. Every piece of material and the process should add value to the product so as to render the best performance. Thus there is an opportunity at every stage of the manufacturing and delivery process to find alternatives which will increase the functionality or reduce cost in terms of material, process and time. It should be remembered that we are not seeking a cost reduction sacrificing quality. It has been found that there will be an improvement in quality when systematic value engineering principles are employed.

GEC started Value Engineering in 1947 when a substitute for asbestos for flooring had to be found. Specialized dealers could provide an equally good ‘material’ at a lesser price. Initially the practitioners were the people in charge of purchasing who tried to locate substitute material which would be equally good, if not better, at a lower price. This is the first and basic approach to value engineering. As the concept percolated to the manufacturing departments, engineers applied the same principles and found that they could use alternate materials which were cheaper giving the same performance. It was also found that dimensions and tolerances could be altered without affecting the performance of the part or the product. The investigations took them on the path of eliminating some operations. The focus was on the value of each bit of material, each operation. This approach led to the design stage. Nowadays, the principles of Value Engineering starts at the product concept and design and is carried down the ‘value chain’. The aim of value engineering is to effect economies by investigating every opportunity and discovering new materials, methods to achieve high quality performance. The aims of Value Engineering can be listed as under

1. Product Simplification

2. Better and less costly materials

3. Improved product design.

4. High efficiency in the processes

5. Economy in all activities


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