Value Engineering Value Engineering from the Perspective of Competitive Advantage by Edwin B. Dean Value engineering is also known as function analysis , value analysis , and value management.
Value engineering is essentially a process which uses function cost analysis to reduce cost.
But times and needs have changed. The definition of value as used by value engineering in America is different from the definition of value in design for competitive advantage. In design for competitive advantage, value is defined as the measure of customer choice. Value is a function of quality, as well as cost. However, the strong focus on cost reduction disqualifies Value Engineering as a general method for evaluating quality.