Value Analysis
From apppm
Abstract
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[1]. The overall objective is to find improvements to the components by reducing their cost and/or increasing the value of the functions.
The origins of the Value Analysis goes back to World War II. During the war there was a shortage of both labour and materials. General Electric (GE) noticed that substitutions often resulted in reduced cost, improvement of the product or both. GE used substitutions out of necessity but it resulted in a systematic process which is still widely applied today[2].
