Value Engineering and Reliability
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Value engineering is viewed in many industries as an excellent strategy for reducing costs, increasing reliability and improving quality. It can be implemented in hardware and software; development, production and manufacturing; specifications, standards, contract requirements and other acquisition program documentation; facilities design and construction. Value engineering is a technique directed toward analyzing the functions of a project or product to determine "best value," or the best relationship between reliability and cost. In other words, "best value" is represented by a project or process that consistently performs its required basic function and has the lowest cost. In this context, the application of value engineering in a construction project can yield a better value when construction is approached in a manner that incorporates environmentally sound and energy-efficient practices and materials. This paper discusses the important relationship between reliability and value engineering, in an effort to explain how the two work harmoniously to improve projects or products. The paper includes a table.
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Value Engineering and Reliability (2003, August 18) Retrieved April 22, 2021, from https://www.academon.com/essay/value-engineering-and-reliability-29987/
"Value Engineering and Reliability" 18 August 2003. Web. 22 April. 2021. <https://www.academon.com/essay/value-engineering-and-reliability-29987/>