Engineering Design -> Value
The Value Methodology, also called Value Engineering (VE), Value Analysis (VA) or Value Management (VM), is a powerful problem-solving tool that can reduce costs while maintaining or improving performance and quality requirements. VE is a technique directed towards analyzing the functions of an item or process to determine "best value," or the best relationship between worth and cost.
RSD uses VE by being function-oriented, with a systematic team approach to provide value in a product from a design point of view.
The Value Methodology helps organizations compete more effectively in local, national and international markets to help increase market share by:
· Decreasing costs,
· Increasing profits,
· Improving quality,
· Reducing time to manufacture.
RSD uses VE as an effective technique for reducing costs, increasing productivity, and improving quality. We can implement VE in all of the following aspects of the Product Development Process:
· Production specifications and standards,
· Other acquisition program documentation
· Facilities design and construction.
VE can be successfully introduced at any point in the life cycle of products, systems, or procedures.
RSD can easily contribute savings of 30 percent of the estimated cost for designing and manufacturing a product through its VM services done offshore. The return on investment that public and private organizations derive from implementing VM programs averages 20 to 1. That is, for every dollar invested in a VM study - including participants' time and implementation costs - $20 in net savings results due to offshore engineering support.
RSD implements VM by doing the following:
· Clarifying for itself the functionality of components as a part of gathering information on that component;
· Using creative problem solving techniques to find better solutions (for example, structured Brainstorming);
· Developing and presenting ideas generated during brainstorming exercises, and
· Actually following through with the implementation of selected ideas.