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Value engineering

About: Value engineering is a(n) research topic. Over the lifetime, 1231 publication(s) have been published within this topic receiving 10882 citation(s). The topic is also known as: VE.

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09 Feb 2006
Abstract: Environmental protection is now an integral part of public policies, at local, national and global levels. In all instances, the cost and benefits of policies and projects must be carefully weighed using a common monetary measuring rod. Yet, many different categories of benefits and cost must be evaluated, such as health impacts, property damage, ecosystem losses and other welfare effects. Furthermore, many of these benefits or damages occur over the long term, sometimes over several generations, or are irreversible (e.g. global warming, biodiversity losses). How can we evaluate these elements and give them a monetary value? How should we take into account impacts on future generations and of irreversible losses? How to deal with equity and sustainability issues? This book presents an in-depth assessment of the most recent conceptual and methodological developments in this area. It should provide a valuable reference and tool for environmental economists and policy analysts.

775 citations

31 May 1997
Abstract: What would happen if everyone in your company followed a disciplined approach to cost reduction? Go ahead -- imagine it. What would it look like? How can it be done?The answer -- smart cost management.Effective cost management must start at the design stage. As much as 90-95% of a product's costs are added in the design process. That is why effective cost management programs focus on design and manufacturing. The primary cost management method to control cost during design is a combination of target costing and value engineering.Target Costing Objectives:Identify the cost at which your product must be manufactured at if it is to earn its profit margin at its expected target selling price.Break the target cost down to its component level and have your suppliers find ways to deliver the components they sell you at the set target prices while still making adequate returns.Value Engineering:The connection to function: An organized effort and team based approach to analyze the functions of goods and services that the design stage, and find ways to achieve those functions in a manner that allows the firm to meet its target costs.The result: Added value for your company (development costs on-line with added value for your company; development costs on-line with selling prices) and added value for your customer (higher quality products that meet, possibly even exceed, customer expectations.)

350 citations

Journal Article
Abstract: This paper reviews British evidence regarding the value of travel time available from models developed since 1980. There are two main aspects to the review. First, a regression model has been developed to explain variations in the value of time across studies. Second, the author reports on a review of variations in the value of time within specific studies. The review also places the research in historical perspective, with reference to work conducted elsewhere. (A)

258 citations

Journal ArticleDOI
01 Mar 1996
Abstract: Customers' perceptions of reliability may not always reflect the level of reliability purported by traditional reliability indices. This has been recognised and efforts have been made by the electricity supply industry (ESI) in the United Kingdom to relate "reliability investment" with customers' marginal benefits obtained from such investment. A difficulty encountered during such earlier and recent efforts has been the lack of appropriate valuation of these benefits. With a view to correcting this paucity, the authors have conducted studies, based on customer surveys, aimed at assessing the customer outage costs (COG) due to electric service interruptions. The incremental values of these costs, /spl Delta/COC, following reliability investment are considered proxies of reliability worth and customers' marginal benefits. The results of these studies have provided a very good insight into customers' concerns regarding supply interruptions, but most importantly a coherent method for evaluating the customer benefits (/spl Delta/COC) has been developed and the required generic data for such evaluation generated. Using these data, a consistent method for calculating the value of lost load (VOLL) is also developed.

239 citations

Journal ArticleDOI
TL;DR: The paper proposes that making progress and adding customer value in PD equate with producing useful information that reduces performance risk, and contributes a methodology-the risk value method-that integrates current approaches such as technical performance measure tracking charts and risk reduction profiles.
Abstract: Many firms expend a great amount of effort to increase the customer value of their product development (PD) processes. Yet, in PD, determining how and when value is added is problematic. The goal of a PD process is to produce a product "recipe" that satisfies requirements. Design work is done both to specify the recipe in increasing detail and to verify that it does in fact conform to requirements. As design work proceeds, certainty increases surrounding the ability of the evolving product design (including its production process) to be the final product recipe (i.e., technical performance risk decreases). The goal of this paper is to advance the theory and practice of evaluating progress and added customer value in PD. The paper proposes that making progress and adding customer value in PD equate with producing useful information that reduces performance risk. The paper also contributes a methodology-the risk value method-that integrates current approaches such as technical performance measure tracking charts and risk reduction profiles. The methods are demonstrated with an industrial example of an uninhabited combat aerial vehicle.

223 citations

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No. of papers in the topic in previous years