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TLMT313 WEEK 3 FORUM - Assignment Example

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Its management activity requires a lot of planning and control and. Value engineering (value analysis) refers to an organized approach to provisions of critical functions in the product at…
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TLMT313 WEEK 3 FORUM
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Value Analysis and Value engineering Value Analysis is a formal, systematic and organized process of evaluation and analysis. Its management activity requires a lot of planning and control and. Value engineering (value analysis) refers to an organized approach to provisions of critical functions in the product at the cheapest cost. For new products, the team modifies the value analysis approach to operating in an environment that is uncertain and has less available information that can be used to make decisions. The method requires a lot of investment by the organization in terms of the skills, experiences human resources to support the group. The approach promotes substitution of methods and materials with cheaper alternatives, without altering the functionality.
Value engineering lowers operational and management costs, improves efficiency of resources, simplify procedures and minimizes paperwork. Value engineering helps to reduce staff costs as well as achieving optimum balance between function, performance, safety, quality and cost (Mukhopadhyaya, 2009).
Value engineering and value analysis effort should be led by designers, manufacturing and production engineer, purchasing specialist and executive staff. The designers help in making decisions at an early stage of the product concerning product design, specifications, equipment required and the effect of the product to another department. Production and manufacturing engineers determines how the product is to be made, and they manage the production process. Purchasing specialists help to convert design elements into material specifications. Operational staff makes the product and deliver service. They also provide the necessary information about production problems.
Supply management supports the process by converting design requirements of the product to material specifications. They source materials required to develop the product and suggest suppliers of the materials to the business.
References
Mukhopadhyaya, A. K. (2009). Value engineering mastermind from concept to value engineering certification Los Angeles: Response. Read More
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