Value engineering is a method originated in the United States right at the end of the Second World War through the efforts of Mr. Lawrence Delos Miles, an engineer at General Electric, who had to resolve the problem of the noble materials shortage. Miles discovered that what mattered in a product was the function it performed, regardless of the solution used to ensure this function.
From this observation, he sought creative solutions to save money, and to do this he sought solutions that ensured the only main function of a product. This method had been much improved in Japan before it was imported in Europe in the 1960s, via the subsidiaries of the U.S. companies.
It can be used either to improve an existing product or service, or be implemented directly at the time of conception. The purpose of this method is to create a “product” perfectly suited to the needs of the user at the lowest cost. It may be an existing or new product, serial or unique, simple or complex, but it can as will be an administrative or industrial process, an internal service or bought one.
The method can therefore be applied to all businesses, services and economic sectors. When it comes to analysis of the product value, it is called “value analysis”, where is the analysis of the value of design, “value engineering” and finally, for analysis of the value management, we speak of “value management”.
Value engineering is a method of competitiveness, organized and creative, indented to satisfy user needs, with a specifically designed approach, which is functional, economic, and multidisciplinary at the same time. The value of a product is a measure that increases when the demand increases and / or the cost of the product decreases. The value can be considered as the ratio between the ability to function divided by the cost of solutions.
All the modern economic instruments are designed, developed and created with the use of new and advanced technologies, are becoming increasingly common and often are a part of the marketing practice of the world’s leading companies. University and college students, who have chosen the subject for their research project topic, should very carefully examine the issue and try to present the main components of this method in their research proposals. To do this they need to study all the relevant information regarding the matter, to extract necessary data and present it in a favorable light, to motivate professors and readers, and to prove the relevance of the chosen topic.
In addition to the above, you may need to study a couple of free example research papers on value engineering, which may help you to learn a set of rules for proper scientific project composing.
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