An approach to cost reduction in which components are carefully studied to determine if they can be redesigned, standardized, or made by cheaper methods of production. Activities which augment a customer's perception of a product's value. Values reflect the worth, significance or importance we attach to human actions and behavior.
Values is basic, perhaps unseated, principles and assumptions.
In organizational terms this can relate to issues such as secrecy, market orientation etc. See also Budgetary control . Variance analysis is the analysis of performance by means of variances. Used to promote management action at the earliest possible stages. Vertical integration is a firm acquires a business or carries out a business which makes it its own supplier, or its own distributor.