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| − | ==Abstract==
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| − | Value Analysis is a systematic tool which can be used to improve the value of a product or process by analyzing its constituent components and the associated costs(NPD KILDE). The overall objective is to find improvements to the components by reducing their cost and/or increasing the value of the functions <ref>Value Analysis and Function Analysis System Technique [http://www.npd-solutions.com/va.html]</ref>.
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| − | ==History of Value Engineering==
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| − | The origins of the Value Analysis goes back to World War II. During the war there was a shortage of both labour and materials which resulted in companies had to search for substitutions to their existing products in order to still meet demand. During this more value based approach General Electric (GE) noticed that substitutions often resulted in reduced cost, improvement of the product or both. GE took this Value Engineering approach out of necessity but it resulted in a systematic process which still has wide application to today[https://www.mcgill.ca/ve/history]. This process is known as Value Analysis.
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| − | ==Value Analysis as a tool==
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| − | In order to understand the how Value Analysis can be used as a tool, it is necessary to define the word “Value” in this context. Value has no clear definition but when used in Value Analysis it is defined as a Function’s performance relative to its cost.
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| − | <math>Value=Funtion's Performance/Cost</math>
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| − | , where the Function is defined as: The effect produced by a product or by one of its elements, in order to satisfy customer needs.
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| − | As can be understood from the equation, value is not only about minimizing the cost. As long as the increase of the function’s performance is relatively higher than the increase of cost, the value of the function will still increase.
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| − | ==The Value Analysis Process==
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| − | A specific process has been developed when applying Value Analysis on an existing product or element. The process is broken down into six steps each containing its own course of action and goal. An overview of the six steps and relevant techniques for each step is presented in FIGURE ???. The following sections will describe each step in more detail.
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| − | ===Step 1: Orientation/Preparation===
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| − | The first step is to Identify what is to be analysed.
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| − | A manufactured item
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| − | A process or service
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| − | Another crucial aspect is forming the groups that is going to perform the analysis. Here it can be beneficial to use tools such as Competency mapping & Focus groups as well as considering the Four Stages of Team Development.
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| − | ===Step 2: Information===
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| − | In this step the customers are identified and prioritized.
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| − | In this step all facts about the product must be collected. This can be in the form of specifications, drawings, cost breakdown etc.
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| − | The product is discussed in detail with any person directly interested in it, in order to get a true appreciation of its function. Particularly it must be discussed with the designer in order to get an insight into its proposed future development
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| − | ===Step 3: Analysis ===
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| − | Functional Analysis is performed to identify the relevant functions. The Functions have an importance as well as a cost.
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| − | Costs are quantified and functions are ordered by their importance. This phase is considered as the key step of the whole methodology as it represents the translation of customer needs into functions.
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| − | The functions can be divided into two categories: <ref>Techniques of Value Analysis and Engineering: 3rd Edition, Lawrence D. Miles</ref>
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| − | Basic: The function for which the user or buyer purchases the product and constitutes the real value to the customer. This function is not subject for change.
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| − | Secondary: Secondary functions are the assisting functions that makes it possible to realize the basic function. These functions can be modified to increase the value.
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| − | Applied tools:
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| − | FAST ( Function Analysis System Technique)(See figure ?): Technique used to create a graphical representation illustrating the logical relationships between the functions based on the questions “How” and “Why”
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| − | How, is answered by the function on the right, and is the method to perform that function
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| − | Why, is answer by the function to its left, which expresses the goal of that function
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| − | A good rule to remember in constructing a FAST Model is to build in the How direction and test the logic in the Why direction
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| − | Value Analysis Matrix: A variation of the Function-Cost Matrix derived from the Quality Function Deployment (QFD) methodology.
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| − | It associates functions back to customer needs or requirements and carries an importance rating based on the original customer needs or requirements.
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| − | Section ?? will present a walkthrough example of both the FAST Technique and the Value Analysis Matrix.
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| − | ===Step 4: Innovation/Creativity===
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| − | Use creative techniques
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| − | Search for means that allow elimination, change or improvement of components and functions
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| − | ===Step 5: Evaluation===
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| − | Consider feasibility/cost
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| − | ===Step 6: Implementation and Monitoring===
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| − | ▪Action plans
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| − | ▪Report
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| − | == Reference section ==
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| − | <div class="references-small"> <references /> </div>
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