BRIEF HISTORY OF VALUEENGINEERING
It was during the World War II that the concept of valueengineering emerged by chance. Due to the scarcity of criticalmaterials to be obtained, many manufacturers were forced to findout substitute materials and designs for the applications desired. The General Electric Company found that many of the materialsthat were substituted worked out cheaper and gave much betterperformance than the original ones.
In 1947, Lawrence D. Miles an engineer in General Electricdeveloped a number of ideas and techniques to substitute andenable the change intentionally rather than by chance. Mr. Milesworked with an odd attitude to develop new ideas and search forvalue in the products and developed a successful methodology. The concept quickly spread up due to the large savings withrelatively modest investments.
In 1954, the U. S. Navy Bureau of Ships applied the Value Analysisprocess to cost improvement during design. They called it ValueEngineering. Value Engineering, Value analysis, Value Managementis the same concet and these terms are used deendin uon