What You Need to Know About Value Engineering
Do you want to improve the value of your product at an affordable cost? Well, then what you are looking for is called ‘value engineering’.
Development of a product sometimes entails an immense cost and performance of complex functions. With value engineering, you can enhance both the value of your product at a reduced cost.
What is Value Engineering?
Value Engineering is a methodized and coordinated approach that is function-oriented and aims to improve the value of the product at a low cost. It involves the application of systematic techniques that result in the identification of the product’s function, bring about an economic value for that function and provides reliability at a reduced cost.
Today, engineering consultants in India or elsewhere accomplish the desired functions of a product, service or system at a diminished cost without affecting the quality, performance, safety or reliability. They use substitute materials and techniques that are less expensive and doesn’t deteriorate the functionality. Rather than emphasizing the physical attributes of the product, the objective of Value Engineering is to enhance the functions of the materials and components thereby increasing the value of the product.
Two main components add to the value of engineering
1. Function: It refers to the performance efficiency of the product, project or service. For example: an engineer may be constructing a bridge and the main function is to enable smooth flow of the traffic across the river. In reality, value engineers take cognizance of the various functions of the bridge and not just that. This includes accommodating various kinds of vehicles like bus, cars, bikes, bicycles, human movement, flood resistance and many more factors that would add to the bridge’s functional capacity.
2. Cost: Product development requires the utilization of various resources in the form of materials, tools, time or anything that would help to achieve the desired functions.
To tell the truth, whenever the functions increase, the cost doubles that increases the overall project value. But what if you could increase the capabilities of the product without increasing the cost? Well, trust your value engineering consultants in India for that!
How Does Value Engineering Work?
Value engineering commences right after the design stage, that is, after the functions and capabilities of the product have been finalized. The engineers perform a value analysis that encompasses six phases –
1. Gathering information about the project/product
2. Analysing the functions
3. Engendering alternative solutions that help to add value
4. Evaluating these solutions to select only the ones that can be implemented
5. Converting these conceived solutions into workable plans
6. Producing the final results to the clients
So, if becoming a value engineer is on your minds, stop thinking about the future and start acting from now. How? Of course, with the help of a value engineering training program.
How will you be benefited through a value engineering training program?
It will help you to –
- Understand the various value engineering concepts
- How to incorporate your client’s information related to the product development plan
- Critically analyse the alliance among the cost, function and value factors
- Proposing suitable alternatives that will enhance the project value
- Research information and cost considerations relevant to the product/project
Value Engineering is an oceanic term. Who will particularly benefit from this training?
Anyone who is associated with
- Engineering design, project initiation and critical evaluation of projects
- Cost estimators
- Project managers
- Cost controllers
- Designers
- Project staff
Conclusion – Value engineering consultants in India add value to the final product after development by following a systematic approach and applying methodical techniques that reduce the overall cost without compromising on the value. Are you interested to be a part of this? Contact us on +91 9619795213.