What is value engineering as a performance evaluation tool?
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Value engineering is a methodology used to analyze the function of goods and services and obtain the required functions at the lowest total cost without reducing necessary quality or performance. It is a performance evaluation tool that focuses on improving the value of functions required to achieve a goal or objective. The concept of value engineering is applied in various industries, including construction and power grid enterprises, to improve efficiency and effectiveness. In the construction industry, value engineering helps achieve a balance between factors such as time, quality, and cost. It identifies superfluous features that add to the cost but not to the desired performance, ultimately reducing production costs. Value engineering can be implemented through techniques such as the analytic hierarchy process and entropy weight method, which evaluate the performance of assets and projects.
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Open access 25 Mar 2020 1 Citations | Value engineering is a methodology used to analyze the function of goods and services to obtain the required functions at the lowest total cost without reducing necessary quality. |
| Value engineering is a tool used in engineering economics to analyze the value in use of a commodity and reduce production costs without compromising desired performance. | |
7 Citations | Value engineering is a tool used to evaluate the performance of a project by considering factors such as key factor index, value engineering study performance, and stakeholder satisfaction. |
27 Jul 2022 | Value Engineering is a methodical approach used in the construction industry to improve the value of goods, products, and services by balancing quality, performance, and reliability. |
01 Aug 2019 2 Citations | Value engineering is an emerging method of economic analysis that aims to achieve the necessary functions of a product with the lowest total cost, resulting in the best comprehensive benefits. |
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