Difference between Value analysis and Value Engineering

Value analysis: 

Because it involves the systematic application of well-known procedures, Value Analysis is a scientific method. Its goal is to increase the value of a product or process by better understanding its components and expenses. Following that, it looks for ways to improve the components by lowering their cost or boosting their functional value.

In a nutshell, it’s a calculated and clever cost-cutting strategy. It looks at the product’s material composition and production design. This allows for the necessary tweaks and enhancements to be implement. However, this does not imply a decrease in the product’s worth.

It has a tendency to find and reduce unwanted expenditures from the value system. However, it should take place without jeopardizing its functional utility or output performance. As a result, we may conclude that the core of value analysis is:

1. Identifying the product’s function.
2. Investigating several options for completing those functions.
3. Choosing the best option for the least amount of money.

It also determines the monetary value of the function and dependably supplies necessary functions at the lowest cost.

The collaboration of many functional departments like  Market research, Design, Engineering, Purchase, Human Resource, Production is require for this objective. 

The Value analysis could lead to the systematic application of alternative materials and processes in this way.

Value engineering: 

A Value Engineering is the process of increasing the value of a product at each stage of its life cycle. A product is said to have good value if it is appropriate in terms of performance and cost. Its goal is to help a company maintain or improve its profitability.

It’s a unique approach. Its goal is to ensure that product and service functions are given at the lowest possible cost. But not at the expense of quality or dependability. Value engineering is a reasonable investigation of the link between cost and value performed prior to the final design of a product.

It involves objectively evaluating the functions performed by parts, components, goods, methods, and services, among other things.

Difference between Value analysis and Value Engineering:

Value Analysis:-

Existing products are the focus of value analysis. It entails a group of people analyzing and evaluating an existing product in order to cut costs, improve functionality, or both.

Value Analysis exercises employ a strategy that examines a product in a number of ways, one by one. Costs, alternative components, and design features such as ease of fabrication and assembly are among them.

Functional Analysis, in which the product is broken down and examin as a series of assembly, is an important aspect of VA. The function for each product assembly is identify and defined here. Each has its own set of costs.

This is aided by perceiving products as assemblies and designing them accordingly (or modules). Like VE.

VA is a group activity that entails brainstorming changes and alternatives to improve the product’s value, especially to the consumer.

Value Engineering:-

New goods are the focus of Value Engineering. It is used in the product development process. The goal of teamwork-based product review and analysis is to reduce costs, improve function, or both. This happens before any money is spent on tooling, plant, or equipment.

This is significant because, according to some estimates, the design development stage locks in up to 80% of a product’s costs (for the rest of its life cycle).

This makes sense when you realize that the design of any product influences a variety of aspects, including tooling, plant and equipment, labor and skills, training expenses, materials, shipping, installation, maintenance, and decommissioning and recycling costs.

As a result, value engineering should be view as a critical activity late in the product development process and is unquestionably a wise commercial investment.

Given the time commitment, it is strongly advised that you incorporate value engineering into your new product development process to make it more robust and for sound commercial reasons

Begin your value analysis and value engineering process right away:

All of these value analysis and value engineering services will be available to you when you collaborate with Rheomold. We’re eager to learn more about your project and requirements so that we can begin deciding how our world-class engineering teams can help.

Contact Rheomold today to learn more about how we can help you enhance your design and engineering.