Value Engineering by M.P. Tyagi




What you'll learn
Learn the basic concepts of Value engineering, its definitions and History.
Learn the Function and Cost relationship in a Product or Service.
Learn that Value Engineering is a systematic and organized approach to providing the necessary functions in a product at the lowest cost.
Learn that Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality.
Learn that Value engineering is often broken into six steps or phases starting with generating ideas and ending with change implementation.
Learn that Value engineering is primarily focused on the values called USE VALUE, COST VALUE, ESTEEM VALUE, and EXCHANGE VALUE.
Learn that the ultimate formula for value is defined as function divided by cost, with value engineering striving to maximize function while minimizing cost
Requirements
Ability to understand the basic concepts of function and cost of parts or assembly and basic knowledge of working on a computer.
Description
Value engineering is a systematic and organised approach to providing necessary functions in a project at the lowest cost. Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality. It is focused solely on the functions of various components and materials, rather than their physical attributes.Value engineering is the review of new or existing products during the design phase to reduce costs and increase functionality to increase the value of the product. The value of an item is defined as its function divided by cost. It is the most cost-effective way of producing an item without taking away from its purpose.The concept of value engineering evolved in the 1940s at General Electric, in the midst of World War II. Due to the war, purchase engineer Lawrence D. Miles and others sought substitutes for materials and components since there was a chronic shortage of them. These substitutes were often found to reduce costs and provide equal or better performance.Value Engineering is a vital tool for designers to optimize their design taking into consideration the value of each part of the design and ensuring obtaining the maximum design functionality.The technique is carried out very systematically in six steps called Value Engineering Job Plan.There are four primary types of value recognized by value engineering:Use Value: Use value is the primary type of value and it is determined by the attributes of the product.Cost Value: Assuming we have a good generating use value, cost value is how much it costs to make the product.Esteem Value: While the use value describes the physical benefit of a product, consumers may also experience intrinsic value that often extends beyond what the product is.Exchange Value: The last and smallest component of value relates to a product's ability to be exchanged.
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: Section 2: Introduction and History
Lecture 2 L2 Opening Lecture
Lecture 3 L3 An Introductory Outlook
Section 3: Section 3: Types of Value
Lecture 4 L4 Types of Value
Section 4: Section 4: Methodology of Implementing Value Engineering
Lecture 5 L5 Methodology of Implementing Value Engineering
Section 5: Section 5: Learning through Case Study
Lecture 6 L6 Gather Information
Lecture 7 L7 Conduct Functional Analysis
Lecture 8 L8 Develop Alternatives
Lecture 9 L9 Evaluate Ideas
Lecture 10 L10 Present Developed Ideas
Lecture 11 L11 Imolementation Phase
Section 6: Section 6: Professional Certification
Lecture 12 L12 Professional Certification
Section 7: Section 7: Wrap-up and Conclusions
Lecture 13 L13 Wrap-up and Conclusions
Section 8: Section 8: Good Luck Video
Lecture 14 L14 Good Luck video
Learners wanting to learn about the concept of Value Engineering and those having keenness to improve the value of the product or service.,The Engineers Designing the product or sevice.,Marketing executives and Market Researchers.,Production Managers and all those interested in enhancing the marketability of their product.


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