VA is a systematic, rational and structured process. Yet itsfoundation is based on the effective use of people in the form ofteams.
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Value engineering refers to a system to improve the value of products by examining the function. Value is defined by a ratio of cost to function and value engineering is specifically defined in a public law.
There is no difference between value analysis and value engineering. Both are names applied to the same formal analytical process developed at General Electric in 1947 by Larry Miles. It was originally called value analysis, and has come to be called by several names as time has passed (value analysis, value engineering, value management, the value methodology). The term "Value Engineering" is also often mis-used to refer to any exercise to reduce cost. Don Stafford, VP-Education, SAVE International
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Reaching and understanding of the process