The statement is false. Value engineering is a technique that is frequently used before a product is manufactured; value analysis is a technique that is used to analyse an existing product.
What is value engineering ?
- Value engineering is an organised effort aimed at analysing designed building features, systems, equipment, and material selections in order to achieve essential functions at the lowest life cycle cost while maintaining required performance, quality, reliability, and safety.
- While value engineering occurs earlier in the process to prevent value loss, value analysis occurs later and may be used to correct product deficiencies.
- Value engineering is typically used to aid manufacturing, whereas value analysis is more commonly used in the business or sales department.
- The process of designing a product to maximise the value received by the customer is known as value engineering. This is a careful activity that involves balancing the functions of a product with its financial considerations.
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