| Value engineering, as the name suggests, is a process | | | | cost or improving its function. As per the law in the |
| to enhance the value of products, goods or services | | | | USA, every executive agency is supposed to maintain |
| by utilizing an examination of function. Value | | | | and establish cost effective value processes and |
| engineering was first applied in US during the time of | | | | procedures. Value Engineering is often taught within |
| World War II. It was basically used in military | | | | industrial engineering or project management body of |
| construction and was eventually expanded later on. | | | | knowledge as a way through which value of any |
| Today, value engineering is taken as the most efficient | | | | system outputs are optimized creating a mixture of |
| value improving practices that can be employed by the | | | | costs and performance. In many cases this form of |
| management. | | | | engineering removes and identifies unwanted |
| Value can be taken as the ratio of function to cost. | | | | expenditures and thus increases the value for the |
| Value can thus be increased either by reducing the | | | | customers as well as manufacturers. |