Definition of Value Engineering

• Value Engineering can be defined as an organized approach to providing the necessary functions at the lowest cost. 
• From the begining the concept of value engineering was seen to be cost validation exercise, which did not affect the quality of the product. 

2nd Definition 

• Value Engineering can be defined as an organized approach to the identification and elimination of unnecessary cost. 
• Unnecessary cost is cost which provides neither use, nor life, nor quiality, nor appearance, nor customer features. 

Other definitions 

• Value Engineering is not a design or a cost-cutting exercise. 
• VE is a creative, organized effort, which analyzes the requireemnts of a project for the purpose of achieving the essential functions at the lowest total costs ( capital , staffing, energy, maintenance) over the life of the project. 
• Through a group investigation, using experienced, multi-disciplinary teams, value and economy are improved throught the study of alternate design concepts, materials, and methods without compromising the functional and value objectives of the client. 

Value Engineering is concerned witht he achievement of necessary fucntions at minimum cost without determine to quality realiability, performance or delivery

• VE is a tight, technical discipline with a very clear focus on cost. Dr Srtuart Green says that that the two assumptions are : 
• function is an objective characteristici 
• all solutions have the same level of functional performance and can be compared in terms of cost