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Value engineering

About: Value engineering is a research topic. Over the lifetime, 1231 publications have been published within this topic receiving 10882 citations. The topic is also known as: VE.


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Journal ArticleDOI
TL;DR: In this article, a holistic view is taken to expose a current imbalance in technology development, and the weak link corresponds to a lack of information that relates technology-investment costs to financial benefits for the owner.
Abstract: A value chain is defined as an end-to-end solution to a problem, with the beneficiary constituting one end of the chain and the enabling technologies (or parties) making up the rest of the chain. In this context, enabling technologies such as health monitoring, damage detection, and reliability are viewed as sequential components in a chain, with each continuing the chain while adding value to it, so that the aggregate value of the chain can be delivered to the ownership. This holistic view is taken to expose a current imbalance in technology development, and the weak link corresponds to a lack of information that relates technology-investment costs to financial benefits for the owner. Structural reliability, useful life expectancy, and other information of this genre are seen to be keeping the full value of the chain from being realized and appreciated by the ownership. An example of what the desired linkage may be comes from aerospace and mechanical engineering. In the form of so-called symptom-based reliability technology, reliability is quantified for existing structures based on actual usage instead of natural age and measured symptoms instead of idealized model prediction. Hence it is also compatible with current health-monitoring and damage-detection developments (enabling technologies of the value chain). Since the value of the chain is only as (in)effective as its weakest link, it is argued that future research effort should stress balanced development throughout the chain.

24 citations

Journal ArticleDOI
TL;DR: In this article, the effect of tools such as quality function deployment (QFD) and value engineering (VE) on target costing and explores the way in which these tools assist in achieving the target cost.
Abstract: Globalization has provided excellent opportunities for the global manufacturing community together with a stringent barrier on cost control. Target costing has emerged as one of the main tools in aiding the manufacturers to be globally competitive. This paper analyses the effect of tools such as quality function deployment (QFD) and value engineering (VE) on target costing and explores the way in which these tools assist in achieving the target cost. The target costing model developed by Cooper and Slagmulder (Cooper, R. and Slagmulder, R., Target Costing and Value Engineering, Productivity Press, New York, NY, 1997) has been modified and tools such as QFD and VE have been incorporated in the model. Due to inherent uncertainties in the associated cost of various elements, the model has been further strengthened with the use of fuzzy logic. The theoretical model developed was implemented in an Indian auto component manufacturing company and the results were analysed. Target costing significantly relies upon QFD and VE for its effective implementation. Uncertainty in cost estimation plays a significant role in the target costing process since any variation in cost violates the cardinal rule of target costing, “the target cost should never be exceeded”. Fuzzy logic plays a vital role in accounting for uncertainty in the target costing process and gives a different perspective to arrive at the function cost. A functional approach (VE) combined with QFD backed by fuzzy approach appears to work effectively for a target costing process that is evidenced from the case study. It appears that the model developed will work satisfactorily for an industrial product and the validity of the model for fast moving consumer goods has to be ascertained.

23 citations

Journal ArticleDOI
TL;DR: This paper presents a construction value engineering inventive idea support (CVE-IIS) tool for structured idea generation in construction VE, a structured method to consider different functional perspectives and to create inventive ideas that could have been missed otherwise.
Abstract: Value engineering (VE) is an effort to increase the value of a system through a creative and organized approach. Idea generation is the most important part in a VE job plan. Although the experts in a VE team can evaluate multiple alternatives that can replace the original idea, idea generation is usually on the basis of their knowledge and experience. A structured method will help to consider different functional perspectives and to create inventive ideas that could have been missed otherwise. This paper presents a construction value engineering inventive idea support (CVE-IIS) tool for structured idea generation in construction VE. In this study, previous VE reports were analyzed to understand the pattern of proposed ideas in highway construction design. These ideas were categorized according to the rules of advanced systematic inventive thinking (ASIT) to establish an idea breakdown structure (IBS). The IBS was then used to support the generation of construction ideas using idea-generation work...

23 citations

Journal ArticleDOI
TL;DR: In this paper, a methodology to incorporate quality of delivered product in the BV procurement system of asphalt construction is proposed. But, the authors do not consider the impact of the quality of the product on the performance of the contractor.
Abstract: The best-value (BV) procurement process uses other key factors as well as bid price in the evaluation and selection of the best-performing contractor for the job. Contract time, lane rental, warranty, and quality of delivered product are examples of the key factors that indicate the contractor-expected performance. Literature on best value shows a need for analyzing the past performance of the contractor in similar jobs as an indicator of his/her qualification trend. This paper addresses this issue and proposes a methodology to incorporate quality of delivered product in the BV procurement system of asphalt construction. The paper uses past quality control (QC) testing results and utilizes Monte Carlo simulation to estimate the probability that the contractor gets full payment as an indication of qualification trend. The QC data were obtained from the Nebraska Department of Roads for a number of Superpave pavement projects. The results show the possibility of assigning a quality score for the contractor based on the past performance. This paper contributes to the current practice of best value with a new approach of employing QC as part of the selection process.

23 citations

Journal ArticleDOI
TL;DR: In this article, the problems of modelling cost in terms of function are briefly addressed, the uses of function costing are also discussed, the estimation of cost directly from the specification, the comparison of alternatives, and the detection of areas of potential cost reduction, as in value engineering.
Abstract: SUMMARY A potential aid to engineering designers is offered by the concept of Junction costing. Many functions can be quantified and the cost associated with that function is often simply related to the quantity or quantities. Obtaining reliable data is difficult, except in the case of components marketed as such, but fortunately there are many of these, such as bearings, reduction gearing and actuators. The problems of modelling cost in terms of function are briefly addressed. The uses of function costing are also discussed, the estimation of cost directly from the specification, the comparison of alternatives, and the detection of areas of potential cost reduction, as in value engineering. An important principle u that the costs used for modelling should be representative of the best (i.e. most economical) practice, wherever found.

23 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202324
202245
202130
202050
201944
201847