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Assignments solutions of MB0044 Q1. What is value engineering? List the main benefits of value engineering?

Answer: The concept of value engineering originated during the second world war. It was developed by General Electric Corporations (GEC). Value engineering has gained popularity due to its potential for gaining high Returns on Investment (ROI).

Example: consider a component which needs a round brass rod as raw material of diameter 21.5 mm. The component has to perform seven operations: cutting, drilling, chamfering, boring,
milling, plating, and polishing.
Value analysis considers all aspects of each of these and investigates whether any of them can be substituted by another material, a different size, a different tool, a different machine, a different cut sequence, a different tool for an operation, a different chemical, a different concentration, a different voltage, shorter time or processing.

For the above example, studies can be conducted to verify whether any operation can be eliminated. Simplification of processes reduces the cost of manufacturing. 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 the alternatives which will increase the functionality or reduce the cost in terms of material, process, and time. It also includes analysing the methods used and the tools and equipments involved.

Used: This methodology is widely used in business reengineering, government projects, automakers, transportation and distribution, industrial equipment, construction, assembling and machining processes, health care and environmental engineering, and many others.

Why is it used: Value engineering process calls for a deep study of a product and the purpose for which it is used such as the raw materials used, the processes of transformation, the equipment needed, and many others. It also questions whether what is being used is the most
appropriate and economical. This applies to all aspects of the product.

it helps the organisation: Value engineering in any organisations helps to identify:
· The problem or situation that needs to be changed/improved
· All that is good about the existing situation
· The improvements required in the situation
· The functions to be performed
· The ways of performing each function
· The best ways among the selected functions
· The steps to be followed to implement the function
· The person who executes the function

The main benefits of the application of VE are:
· Cost reduction
· Overall cost consciousness
· A culture of effecting savings across organisation
· Streamlining of administration and creation of transparency in all  dealings even with outsiders
· Development of reliable suppliers


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