Value Engineering (VE) is an organized effort directed at optimizing a product’s relationship between its functional need(s) and the cost(s) to meet that need while meeting or exceeding quality requirements. It is a formal attempt to assure the highest value of a product by delivering all required functions at the lowest overall cost. Through the selection of the most appropriate product for analysis and a creative team, Value Engineering projects on average yield a 10-20% reduction in cost without a quality sacrifice.

Value engineering emerged into prominence after World War II. Basic ideas related to it were developed by Lowrence D.Miles in 1947. The industrial situation during that period was so, that there was overall recession. Material was in short supply. Trained and skill manpower was insufficient. Therefore, manufacturing technologies were looking for alternative material, improved processing requirements, better designs, low cost operation, and efficient system. Foundation of value engineering got its root during this period to achieve some of these objectives. The major focus, however, was to cut down cost while retaining the desired function of the product.

The objective of value engineering is the systematic application of recognized techniques to identify the function of a product or service; establish norms for the function; and provide the necessary function related to these at lowest cost.

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