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Value Engineering and Value Analysis

Value Engineering and Value Analysis

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PRESENTATION ON VALUE ENGINEERING AND VALUE ANALYSIS

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by Anuj Verma B. Tech (Mechanical) – IIT Roorke

AN INTRODUCTION TO VALUE ANALYSIS & VALUE ENGINEERING

Value Analysis is "an organized creative approach which has its purpose the efficient identification of unnecessary cost i.e. cost which provides neither quality nor use nor life nor appearance nor customer features." VA is also defined as application of recognized techniques to identify the functions of a product! or service and provide those functions at the lowest possible cost. Value Analysis is a standardized, multi - disciplined team approach that identifies the lowest cost way and ensures the highest worth to reliably accomplish the functions of a product, process or service. Value analysis assesses product functions and value – to – cost ratios, and explores opportunities for reduction.

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HOW IS VA DIFFERENT FROM VE

Traditionally Value Analysis (VA) is used to describe the application of the 'techniques to an existing product or services or after the fact. Value Engineering (VE) has been used to refer to the design stage or before the fact. Value Engineering (VE) approach is used for new products, and applies the same principles and techniques to pre-manufacturing stages such as concept development, design and prototyping. Value Analysis and Value Engineering (VE) is a powerful Change Management and Problem Solving' tool with over a century of worldwide application track record.

VE is used to create functional breakthroughs by targeting value mismatches during product, process, and project design.

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as opposed to a simple technique. because it is both an organized approach to improving the profitability of product applications and it utilizes many different techniques in order to achieve this objective.HOW IS VA DIFFERENT FROM VE  VA is also a vital tool to deal with post product release problems and process improvement innovation. The techniques that support VA activities include 'common' techniques used for all VA exercises and some that are appropriate for the product under consideration.Value Management. etc. Value Analysis (VA) is considered to be a process. A few other names for VA / VE are . Value Planning.    4 .

    5 Therefore the methodology has universal application. However that is only doing half the job. The VA approach can be effectively used to analyze existing products or services offered by manufacturing companies and service providers alike. but also improve operations and product performance. A truly effective value improvement program cannot only reduce costs.HOW IS VA DIFFERENT FROM VE  Value Analysis process attacks unnecessary costs and is thus one of the most effective ways to increase an organization's profitability. . The VA / VE methodology involves function analysis and everything has a function.

WHAT IS VALUE ANALYSIS AND VALUE ENGINEERING? FUTURE PRODUCTS. PROCESSES or SERVICES Concept Design Development Manufacturing Distributing Selling Servicing . PROCESSES or SERVICES EXISTING PRODUCTS.

This "item" can be a product. team based. Provide the necessary function (defined by the customer to meet his / her requirements). 3. process. a machine. a system. a plan. . project. tool. systematic application of recognized techniques (function analysis) which Identify the "function of a product.  1.oriented. system or service. And thus Increases customer satisfaction and adds value to the investment. a procedure. 2. function .WHAT IS VALUE ANALYSIS AND VALUE ENGINEERING?  VA / VE is an orderly and creative method to increase the value of an item. Establish a monetary value for that function. equipment . facility design. Consistent with the specified performance and reliability needed at the lowest Iife cycle cost (cost over the expected life). Value Analysis / Value Engineering is defined as 'the professionally applied. a service or a method of working. a process. 7 5. 4.

   Remember car windscreens are today glued into place by robots (adhesive technology). Sound. Yet designs and technology change. If the design was sound the start VA is redundant. 8 .WHAT IS VALUE ANALYSIS AND VALUE ENGINEERING?  Value analysis involves identifying product function (s) relating to cost and price analyzing the design and construction with an eye for eliminating elements not contributing to function. innovative designs age and become uncompetitive rivals catch up. Some designers think VA undermines good design.

  Esteem value – the value that customer / user gives to product attributes.THE VALUE EQUATION  Value analysis is evaluates a product utility. Market value = Utility value + Esteem value  9 . each of which are defined below : Utility value – how useful / functional the product is seen to be. Market value – what market is prepared to pay for the product. esteem and market values. not directly contributing to utility but more relating to aesthetic and subjective value. Esteem issues and functionality should not be overlooked or compromised.

Find important functions – define necessary versus un necessary functions   Find and improve on low performing functions. Define and segregate the necessary functions from the unnecessary functions and thereby creatively develop alternative means of accomplishing the necessary functions at lower total (life cycle) cost.OBJECTIVES OF VA  The VA / VE objectives is to find and improve on value mismatches in products.  10 . processes and capital projects.

In an engineering context the distinction can be important. Value is a quantity. Value : Value is an imprecise word. which enhances customer satisfaction or slashes the expense attributable to the    11 .THE VALUE ANALYSIS TERMINOLOGY  Need : These are users expectations. may be expressed explicitly. as any cosmetic changes brought about by Value Analysis or by means of any other technique are waste of time if the total product is unacceptable to the market. its meaning depends both on the user and on the context For example a typewriter ribbon or a word – processing package may have good value while the typewriter or computer may not have. or may be latent.

An item that does its function better than another. When an item has a perceived worth that far exceeds the life – cycle cost.THE VALUE ANALYSIS TERMINOLOGY   In value method terms : Value = Worth / Cost OR Value of an item = Performance of its function / Cost OR Value = Σ (+) / Σ (-) = Σ (Benefits) / Σ (Costs) Value greater than 1. the one that costs less is more valuable. 4.   1. 2. Value is less than 1. 3. we usually consider purchasing the item. the item is perceived to be fair or having good value. Between two items that perform their function equally well. 12 . has more value.0.0. the item is perceived to be having poor value.

emotional appeal. style. capabilities. relative to its cost. The “performance of its functions” could include that it is beautiful (where needed) or it lends an image to the user / possessor (where desired ) Its common characteristic is a high level performance.THE VALUE ANALYSIS TERMINOLOGY      Different customers will interpret the value of a product in different ways. This can also be expressed as maximizing the function of product relative to its cost : Value = (performance + capability / cost = Function / cost 13 . etc.

purposes and consequences is at the heart of Value Engineering. It also helps people see what parts of their decisions rely on critical features. A function is described by a verb (action) and an object / noun (preferably measurable).noun combination helps remove people from the "I want" position to the basic needs involved. and where decisions are requiring substantial support to maintain them (potential valuemismatches).logic diagram helps reach a common understanding.logic helps people realize and overcome many of the preconceived biases. Placing those functions in a decision . This powerful verb.THE VALUE ANALYSIS TERMINOLOGY         14 Function: The use of functions and a function .logic process to describe needs. . Function allows definition of each task in a process or one of its activities in terms of end goals and not solutions. The use of function .

The concept of functional worth important. A function that is defined as "basic" cannot change. In some cases the value of a product can be increased by increasing its function (performance or capability) and cost as long as added function increases more than its added cost. Functional worth is the lowest cost to provide a given function. there are less tangible "selling" functions involved in a product to make it of value to a . described the manner which the basic function(s) were implemented. Value is not a matter of minimizing cost. Secondary functions could be modified or eliminated to reduce product cost. Secondary functions. However. also called "supporting functions".THE VALUE ANALYSIS TERMINOLOGY          15 Function: Value analysis defines a "basic function" as anything that makes the product work or sell.

THE VALUE ANALYSIS TERMINOLOGY         16 Function analysis is the starting point of VA. it tells what is acted upon. . without a genuine function nothing work and can sell. All problem solving techniques. "What is to be done?' "What is it to do?" . it defines the required action. This high level of abstraction can be achieved by describing what is to be accomplished with a verb and a noun pair. attempt to change a condition means of a relevant and unique solution. Too detail thought on the objectives. The verb answers the question. tempts to describe a solution and we may miss the opportunity to engage in divergent thinking about other alternatives. This underlines importance of abstraction and divergent thinking. When trying to describe problems.e. because of our bias. we must guard against getting locked in to a course of action without realizing it. i.e. The noun answers the quest "What is it being done to?" i.

. Determining the basic function of single components can be relatively simple. How the function is identified determines the scope or range of solutions that can be considered. functions designated as "basic" will not change. but the way those functions are implemented is open to innovative speculation .THE VALUE ANALYSIS TERMINOLOGY       17  Identifying the function in the broadest possible terms provides the greatest potential for divergent thinking because it gives the greatest freedom for creatively developing alternatives. That functions designated as "basic" represent the operative function of the item or product and must be maintained and protected. When purchasing a product it is assumed that the basic function is operative. A function should be identified as to what is to be accomplished by a solo and not how it is to be accomplished. By definition then.

The customer's attention directed to those visible secondary support functions. Secondary functions are incorporated in the product as features to support and enhance the basic function and help to differentiate and sell the product. its loss will cause the loss of the market value of the product. Once the basic functions are satisfied. the designer's then address the secondary functions necessary to attract customers. Although the cost contribution of the basic function is relatively small. The elimination of secondary functions that are not . or product features.THE VALUE ANALYSIS TERMINOLOGY       18  Few products are sold on the basis of their basic function alone. products that are perceived to have high value first address the basic function's performance and stress the achievement of all of the performance attributes. which determine the worth of the product. From a product design point of view .

to improve value by reducing the cost function relationship of a product. Le.THE VALUE ANALYSIS TERMINOLOGY  Eliminating or combining as many secondary functions as possible helps achieve one objective of value analysis or function analysis. 19 .

Example: 1 PRODUCT FUNCTIONS Function type Remove Rinse Extract Example: 2 PRODUCT FUNCTIONS Function type Enable Discharge Refill Protect WASHING MACHINE Verb Dirt Content Water FOUNTAIN PEN Verb Writing Ink Ink Nib Noun Primary / essential Supportive Supportive Noun Primary / Essential Supportive Supportive Supportive 20 .THE VALUE ANALYSIS TERMINOLOGY If we consider any product then it is likely that we could list functions in that product in terms of Nouns and Verbs pairs.

THE VALUE ANALYSIS TERMINOLOGY If we consider any product then it is likely that we could list functions in that product in terms of Nouns and Verbs pairs.1 PRODUCT FUNCTIONS Remove WASHING MACHINE Verb / Noun Dirt Function type Primary / essential Rinse Extract EXAMPLE . EXAMPLE .2 PRODUCT FUNCTIONS Enable Discharge Refill Content Water Supportive Supportive FOUNTAIN PEN Verb / Noun Writing Ink Ink Function type Primary / essential Supportive Supportive 21 Protect Nib Supportive .

22 . If we ask a random sample of population to list the functions that they desire of a motor vehicle and their respective rankings. Provide safety 3. Transport luggage 5. 1. Transport people 2. So on The functions listed above are isolated and too large for consideration and it is better consider the vehicle as two sub-assemblies. Provide comfort 4. a list somewhat similar to the one given below emerge. A good example of this is the motorcar. If the number of functions listed works out to be more than this it is prudent to break down the project into sub-assembly. If possible it is to restrict the number of functions to between 5 and 8.THE VALUE ANALYSIS TERMINOLOGY      The above examples list only a few of the more important functions. Provide controls 7. Provide protection 6.

Apportion the cost of each part amongst the functions to which it contributes – where one component 23 5.THE VALUE ANALYSIS TERMINOLOGY        1. In the next column fill in the costs appropriate to each part listed in the first column . 4. That is by this approach it is possible to determine if second order functions are costing the most to achieve. For example one part will often contribute towards more than one function. service or system by function. This is in addition to the cost of component parts. 2. subassemblies under investigation. How to construct/use the matrix: In the left hand column vertically list all the different parts. Attributing cost to function brings in perspective the costs to satisfy a function. 3. Establish which part(s) is satisfying such function and to what extent. Across the top in the first row list functions desired to be performed. An additional advantage from costing by function is that it forces the value analysts to rigorously examine and understand the nature of the product being investigated . . THE COST FUNCTION MATRIX The cost function matrix is designed to cost an existing product.

24 . although it is advantageous to eliminate overheads to avoid the potential of anomalies.THE VALUE ANALYSIS TERMINOLOGY UTILITY OF THE COST / FUNCTION MATRIX      Utility of the cost / Function Matrix . The cost function matrix demonstrates that an apparently minor function is responsible for a major part of the total cost. In terms of parts. Provided that the costs are ascertained consistently this will make little difference. Cost may or may not include overheads. or vice versa. it may show that something relatively unimportant is costing too much. too.

convenience. services obtained. product performance.THE VALUE ANALYSIS TERMINOLOGY UTILITY OF THE COST / FUNCTION MATRIX       Utility of the cost / Function Matrix . It is a measure of how well the end product meets the desired core needs and the peripheral desires of those that have a say in the product selection or its use. Remember the core and peripheral needs are as perceived by the user and these may change with different users and even for the same user these may change with time. quality. etc. The worth of the product is an indicative measure of what is in it for the customers. Worth: The worth of a product has multiple dimensions such as . safety. 25 . Every product has to satisfy the core need failing which its worth will be poor or even negative. possession.benefits received. status / esteem.

Decision-maker: Person who ultimately decides on VA / VE team’s recommendations Value analysis team : A group of expert6s representatives of and concerned about the objectives of the analysis. The initial costs plus these long-term costs are called lifecycle costs. Animator: He is a person in charge of the organization and the execution of a value analysis study. availability of money or other . expertise. Life-Cycle Costs: The true cost of an item is not just the one time purchase cost in terms of the amount of money that one pays at the time of purchase. and so on). This includes things like the time. takes into account its long-term utility / effects / costs. Much more is at stake.Utility of the Cost / Function Matrix:          26 Utility of the cost / Function Matrix . The purchase of any thing. the degree of difficulty involved. training/retraining. the manpower needed (number.

Allows one to evaluate and quantify intangibles and to compare apples with oranges. 3. Provides a method of generating ideas and alternatives for possible solutions to concern. allowing new and better questions to be asked. and using numbers to communicate in an information-searching mode. Provides a vehicle for dialogue by allowing large amounts of data to be summarized in concise form. Materially improves the value of goods and services. 6.APPLICATIONS OF VALUE ANALYSIS  1. 7. 5. 2. 27 . VA / VE Enables people to pinpoint areas that need attention and improvement. Provides a means for evaluating alternatives. 4. From a generic point of view. . Documents the rationale behind recommendations and decisions.

Civil engineering. Software development. forecasting. . Aeronautical. Automotive. firms can learn why major competitors' customers are At Risk so they can be targeted. Identifying At Risk Customers .Defense.Value Analysis studies are conducted among employees to identify things they expect from any company they work for (The Basics). venture analysis. marketing. resource allocation. Customer satisfaction and value perception -. etc. Documentation. Some application areas are .The most common application of Value Analysis is what many have called the "state – of – the – art " customer satisfaction and value perception study.APPLICATIONS OF VALUE ANALYSIS             28 Value Analysis has been successful in several domains and its application is only limited by the users creativity. Client services. systems and procedures. things they value. Organizational development. . Value Analysis findings help to determine why a company's customers are At Risk.A big issue today is the so-called "At Risk" customer (those likely to defect). They need to know the "Irritations" (low satisfaction/low value) to know where to innovate. . things that irritate them and things they don't care about. And. Here are some of the ways the study pays off for clients: They need to be competitive on the "Basics" (high satisfaction/low value) – not allowing any weaknesses in. but not investing more than necessary in them. Work processes. Water treatment. They need to know the Value "Opportunity" Issues (low satisfaction/high value) to know what to invest in for future growth. increasing Employee Loyalty . They need to dominate the "Value" Issues (high satisfaction/high value).

Failure is often considered the consumer's fault whereas it really results from asking the wrong question. People don't buy what they are "interested" in. The reason most new products fail is that they don't provide enough "new value" to consumers.APPLICATIONS OF VALUE ANALYSIS      New Product / Service Development . they buy what they value. Value Analysis will show which tangible and intangible aspects of a new product consumers value and which they do not care about 29 .Every marketer has been involved in a study where consumers "say" they are "very interested in trying a new product which subsequently fails in the marketplace.

formal and organized job plan. These help ensure that the customer obtains the kind of product they need and want. generates high production and high performing team activities. The Value Method process uses tested and successful procedures that are directed toward achieving success in meeting the purposes for the "project" by all involved. A standard job plan is used to guide the entire process. reduces the time necessary to obtain a product. whereas the firm benefits' by means of cost reduction and profitability. The prominent characteristics of the value method are Value-based decision process. Uses functional approach Follows a very systematic. Directs efforts towards maximum possible alternatives through creativity techniques.CHARACTERISTICS OF THE VALUE METHOD           Several characteristics differentiate the Value Method from other techniques.. and focuses the efforts on the purposes behind the project or activity being studied. Taking the appropriate action at the appropriate time so as to produce good results. It is not haphazard or informal and it is a management activity that requires planning. 30 . Systematic and organized. The process instills "common understanding". control and coordination.

PRINCIPLES OF THE VALUE METHODOLOGY The philosophy of VE is implemented through a systematic rational process consisting of a series of techniques. Function analysis to define the reason for the existence of a product or its components. Measurement techniques for evaluating the value of present and future concepts. Creative and speculative techniques for generating new alternatives.  Value.  Value is the connection between customer satisfaction and price.  Value Analysis is based on the fundamental principle that the customer is always looking for the best pr9duct. and 3. 2. is an essential parameter for improving a process by reducing costs while always maintaining or increasing client satisfaction.  31 . 1. at the least cost. then. including.

One of the members should be an expert on the subject matter (product /service / process / etc.PRINCIPLES OF THE VALUE METHODOLOGY  This method analyses a process not as a collection of people or actions. degenerates discussions. incorporating a balance of different backgrounds. by a process with the goal of responding to the needs of the customers. More number of members complicates matters. it is helpful to have a decision maker on the team to gain commitment for the implementation of the VE results. and delays decisions. The team must be interdisciplinary. One or more members of the team must be well versed with the VE process. The team members must have an open mind and be result . At times. which need to be satisfied. or else an outside facilitator can be inducted in the team.) of the VE process. but as a collection of functions. which contribute to product realization.Selection Phase:  32  To make a value analysis a study group of 4 to 6 persons is formed.        Phase I . viewpoints and departments. The members should be from equivalent levels in the organizational hierarchy to minimize peer pressure and politics.

Have credible objectives. Have receptivity in the organization. 5. services and administrative procedures offering the largest potential savings. The team must target products. 2. Solve a problem. The VE study should . multi-component products may give the best returns (scope for simplification). 7. 33 . for effective implementation the sponsor and / or decision maker must be receptive to change. Then we select the item to be studied. Complex. Old products may benefit from new technical developments. Products with large usage offer greater savings overall.PRINCIPLES OF THE VALUE METHODOLOGY  1. 6. 4. The item should be one that gives the impression that its cost is too high or that it does not do its function well. The need should be real and be supported by the management. Be important to the people in the area being studied. Have the commitment of the requestor and the VE team. 3. The selected item should have a good probability of success and implementation.

Get a detail of costs. The functions are classified into "basic" and "secondary" functions and the cost of realizing each function is ascertained.understand them and their characteristics. However apportioning overheads is difficult generally these are excluded from the VA exercise (unless it is the overhead elements themselves that are being analyzed) The first action of the group should be to gather all the information about the item. Don't be satisfied with verbal information. .PRINCIPLES OF THE VALUE METHODOLOGY            34 Phase II . Collect drawings. It is better to collect too much information than collect too little. not the person most accessible.Information Phase: In the information phase. Accurate marginal cost data is needed because VA aims to reduce costs. all the written data on the item. Identify and define the components . the main function and the secondary functions of an item are studied. specifications. Ask the best specialist of the field.

when evaluating value improvement proposals. or analyst. Identify functions that the customer may be looking for.PRINCIPLES OF THE VALUE METHODOLOGY       The whole team should be involved in doing this. and selected. in selecting which functions to select for value improvement analysis. Use brainstorming to challenge assumptions. The objective of the Function Cost Matrix approach is to draw the attention . 35 . A Cost Function Matrix or Value Analysis Matrix is prepared to identify the cost of providing each function by associating the function with a mechanism or component part of a product. not just those that the operations manager thinks are essential or non-essential. important following function analysis.of the analysts away from the cost of components and focus their attention on the cost contribution of the functions. The total cost and percent contribution of the functions of the item under study will guide the team. Detailed cost estimates become more. Product functions with a high cost-function ratio are identified as opportunities for further investigation and improvement which are then brainstormed" analyzed.

the pencil. is already a high value item 36 . write lines) What is the method. how much should each function and the total cost? (This example.PRINCIPLES OF THE VALUE METHODOLOGY          For a pencil. material or procedure that was used to realize the main function? (a graphite stick and wood) What are the corresponding secondary functions? ("transfer graphite to paper“ and "facilitate holding the graphite" What does the item cost and how can we distribute the cost of realizing the main function into each secondary function? Comparing these costs to an item of a similar function. for instance: What is it? (a pencil) What is it for? (make permanent marks) What is the main function? (make marks.

elements. What's necessary is separated from what is nice to have. Is the cost in proportion to the function realized. procedures? Is there something better to do the same function? Is there a standard part that can do the function? The cost of each function is investigated and a monetary numeric value is assigned tolerances and strict specifications outlined. The guiding principle is : All that does not contribute to the main function is waste and should be eliminated. Does it need all its parts. The value of each secondary function is measured : Does it contribute value? (Is there something that does not contribute value?). Because even an imprecise numerical value is much better than an expression such as "very costly" or "of low cost".PRINCIPLES OF THE VALUE METHODOLOGY            37 It is not important that the individual costs assigned are imprecise. .

Adherence to the job plan focuses efforts on its specific decision process: that contains the right kind of emphasis.THE VA PROCESS (JOB PLAN)               38   The key component of VANE process is its use of a carefully crafted and thoroughly tested job plan. criteria. The eight-step job plan are displayed below. objectives and concerns. The Primary Questions The questioning sequence used follows a well-established pattern which examines the PURPOSE for which the activities are undertaken the PLACE at which the activities are undertaken the SEQUENCE in which the activities are undertaken the PERSON by whom the activities are undertaken the MEANS by which the activities are undertaken with a view to activity ELIMINATING COMBINING REARRANGING . essential needs. The job plan and its sub-elements do this by highlighting and focusing everyone on the involved issues. QUESTIONING TECHNIQUES – Various questioning techniques are used in VA / VE process. problems. timing and elements to secure a high quality product.

THE VA PROCESS (JOB PLAN)

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In the first stage of the questioning technique, the Purpose, Place, Sequence, Person, ' Mean of every activity recorded is systematically queried, and a reason for each reply is sought. PURPOSE : PURPOSE What is actually done? Why is the activity necessary at all? in order to ELIMINATE unnecessary parts of the job. PLACE Where is it being done? Why is it done at that particular place? SEQUENCE When is it done? Why is it done at that particular time? PERSON Who is doing it? Why is it done by that particular person? in order to COMBINE wherever possible or REARRANGE the sequence of operations! for more effective results. MEANS How is it being done? Why is it being done in that particular way. in order to SIMPLIFY operation.

THE VA PROCESS (JOB PLAN)
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The Secondary Questions The secondary questions cover the second stage of the questioning technique, during which the answers to the primary questions are subjected to further query to determine whether possible alternatives of place, sequence, persons and/or means are practicable and preferable as a means of improvement over the existing method. Thus, during this second stage of questioning, having asked already, about every activity recorded, what is done and shy is it done, the method study man goes on to inquire what else might be done? And, hence: What should be done? In the same way, the answers already obtained on place, sequence, person and means are subjected to further inquiry. Combining the two primary questions with the two secondary questions under each of the head: purpose, place, etc. yields the following list, which sets out the questioning technique in full: PURPOSE What is done? Why is it done? What else might be done? What should be done?

THE VA PROCESS (JOB PLAN)

The Secondary Questions


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PLACE Where is it done? Why is it done there? Where else might it be done? Where should it be done? SEQUENCE When is it done? Why is it done then? When might it be done? When should it be done? PERSON Who does it? Why does that person do it? Who else might do it? Who should do it? MEANS How is it done? Why is it done that way? How else might it be done? How should it be done? . Do not be distracted by mere aggregate functions such as the rubber on a pencil's end' or the ice producing part of a refrigerator. These were functions added since it was. economical or easy to

or concept. that realizes the main function .Creativity Phase –  In this phase the objective is to find a better way to do the main function.  42 .THE VA PROCESS (JOB PLAN) Phase lll .  A simple brainstorm procedure to stimulate creativity is stated below: 1. The physical object or the specific process is purposively not mentioned. Secondary or aggregate functions are not stated. or process. or design idea. by finding a different material. so that the group can rivet its attention on it. State the main function clearly and shortly on paper or a blackboard (verb and noun).

They should not criticize or speak with others.THE VA PROCESS (JOB PLAN) 2. An idea can be inspired by a previous idea. then the members are analyzing.      4.    43 The leader of the group says "We begin now" and when the ideas do not flow so fast anymore (about 15 to 20 min. He does not analyze or discard any idea. This finalizes the brainstorm. The leader registers all ideas on paper or a blackboard.Nominal Group Technique . They should only let their imagination run wild and state ideas.Gordon technique . 3. 5. When the session is finalized.Attribute listing technique . They should not smile or react when exotic.Morphological synthesis . Members of the group 'think loud' about any potential solution to the problem. if there is any doubt what was meant by an idea. (If no rare ideas are stated. not making a brainstorm) . the leader clarifies the idea with the help of members. improbable or senseless ideas are stated.) The leader says "That's all". Other creativity techniques that are popularly used are . It is very important that they do not analyze their own thoughts or those of others.

 Barriers are excuses or preconceived ideas that can not be substantiated with numbers. to allow the group to gain perspective .  They group similar ideas.  A very approximate cost for each idea is estimated and ideas with an apparently low cost are investigated carefully.  Each idea is developed.  . detailed and precise information or experimental evidence. facts.  A few points to be remembered in this phase are 1. that should be based on facts. making it more practical.  When an idea is canceled. why it is not possible. making it function better.  Now the group analyzes each idea. 44 Barriers can be honest beliefs.Analysis Phase: The evaluation should be done after an interval.  When evaluating. at best about two days after the brainstorm. not opinions.THE VA PROCESS (JOB PLAN) Phase IV . Identify barriers and eliminate them tactfully. they de not think why the idea would not work.

not the nearest or most accessible one.  The value analyst is a coordinator of specialists. Avoid generalizations. Obtain information from the best source. of groups of experts in other companies. Do not accept second hand information.  This may be necessary in the selection and also during the development of ideas.  Once the group has advanced as far as it can on its own. make contact with specialists. 3.  Do not take into account an answer by a person or specialist that lies outside his field of expertise.THE VA PROCESS (JOB PLAN) 2.  Do not work in isolation. Ask for copies of documents. Obtain information for analyzing and developing an idea. 45 .  The use of specialists is a powerful way of tearing down barriers.

Give a copy to his boss. A real effort to develop the ideas of lowest cost that do the main function is attempted. quotations of cost. stating the savings. costs and a detailed plan for implementing the idea.Development Phase: This phase attempts a further development of the two to four ideas selected earlier. long term alternatives and of any new ideas alternatives. in a concise format. Present the final solution in writing. As with variety reduction.Presentation Phase: The team must ensure that the person really interested in applying the solution and the decision maker get to see it. if this is outside its normal area of work. Tests.THE VA PROCESS (JOB PLAN)           46  Phase V . prototypes. modify it. At the end of this process. prove to be useful at this stage. The VA team must communicate and sell their case effectively . Phase VI . to the person that should implement it. the idea of least cost should have been identified. The value analysis group should not itself implement the idea. It should have all the information needed. Ask yourself: Would I spend my own money on this solution? If not. costs of short term.. complacency and ingrained practices can block new implementation.

Phase VIII .THE VA PROCESS (JOB PLAN)       47  Phase VII .). Every step of the process is geared toward obtaining a result that increases the ROI (return on investment) or value for the client (ourselves. The VA team must have a record of the results and a . If needed. our employer. Therefore it is good procedure to let the people that implement the idea get most of the praise and merit.Implementation Phase: Value analysis is not a method of controlling the work of others or of investigating errors. the VA team helps them to establish the way the implementation will be checked and the savings calculated. Normally the amount of work to implement an idea is greater than the amount of work needed to produce the idea.Verification Phase: It is necessary to ensure that the group that implements the idea informs of the savings produced and other benefits. This produces excellent work relations. etc.

THE VA PROCESS (JOB PLAN) Orientation Functional identification Functional analysis Creative alternatives Analysis & evaluation implementation 48 .

4. VA teams can waste time. and decision makers. Some of which are . This foundation itself possess some formidable challenges to the successful implementation of VA I VE. especially to the current planners. 49 . VA is a systematic. The results from a VA study may be threatening.. rational and structured process. Emotional as well as rational conflict of interest is usually generated. 2. be overly conservative and avoid decisions. The members of the VA team are already saddled with other responsibilities and in that sense are busy. Strong narrow . Yet its foundation is based on the effective use of people in the form of teams.BEHAVIORAL AND ORGANIZATIONAL ASPECTS OF VA / VE    1. 3. designers. 5.minded interests are common.

FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)      50 Function Analysis System Technique is an evolution of the value analysis process. FAST permits people with dissimilar technical back grounds to effectively communicate and resolve issues that require multi-disciplined considerations. verb-noun functions to describe complex systems. FAST is not an end product or result. . forming the basis for a wide variety of subsequent approaches and analysis techniques. but rather a beginning. It describes the item or system under study and causes the team to think through the functions that the item or system performs. FAST builds upon VA by linking the simply expressed.

With FAST.FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)     51  FAST contributes significantly to perhaps the most important phase of value engineering: function analysis. there are no right or wrong . FAST is a creative stimulus to explore innovative avenues for performing functions. The FAST diagram or model is an excellent communications vehicle. It allows multi-disciplined team members to contribute equally and communicate with one another while addressing the problem objectively without bias or preconceived conclusions. Using the verbnoun rules in function analysis creates a common language. crossing all disciplines and technologies.

FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)       52 The problem should be structured until the product development team members are satisfied that the real problem is identified. the single most important output of the multi-disciplined team engaged in developing a FAST model is consensus. Once consensus has been achieved. the FAST model is complete and the team can move on to the next creative phase. Since the team has been charged with the responsibility of resolving the assigned problem. After agreeing on the problem statement. FAST differs from value analysis in the use of intuitive logic to determine and test function dependencies and the graphical display of the system in a function dependency‘ diagram or model . The team members must discuss and reconfigure the FAST model until consensus is reached and all participating team members are satisfied that their concerns are expressed in the model. it is their interpretation of the FAST model that reflects the problem statement that's important. .

A customer FAST diagram is usually applied to a total product.FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)        53 Another major difference is in analyzing a system as a complete unit. just as components form a dependency link with other components to make the system work. mechanics or physics of the product. A customer FAST diagram focuses on the aspects of a product that the customer cares about and does not delve into the technicalities. the technical FAST diagram and the customer FAST diagram. A technical FAST diagram is used to understand the technical aspects of a specific portion of a total product. A system exists because functions form dependency links with other functions. rather than analyzing the components of a system. When studying systems it becomes apparent that functions do not operate in a random or independent fashion. There are normally two types of FAST diagrams. . The importance of the FAST approach is that it graphically displays function dependencies and creates a process to study function links while exploring options to develop improved systems.

when undertaking any task it is best to start with the goals of the task. and is a method to perform that function being addressed. reading from left to right. A FAST model. When addressing any function on the FAST model with the question WHY. then explore methods to achieve the goals. First. the function to its left expresses the goal of that function. The question HOW.FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)       54 There is essential logic associated with the FAST HOW-WHY directional orientation. A systems diagram starts at the beginning of the system and ends with its goal. is answered by the function on the right. and ends at the . starts with the goal.

from left to right. A good rule to remember in constructing a FAST Model is to build in the HOW direction and test the logic in the WHY direction. will focus the team's attention on each function element of the model. leaving function "gaps" in the system. or function justification. building the model in the HOW direction. but the method to accomplish that function. Whereas. are affected. Starting with any place on the FAST model. Finally.FAST      55 Second. . reversing the FAST model and building it in its system orientation will cause the team to leap over individual functions and focus on the system. changing a function on the HOW . This is a domino effect that only goes one way. if a function is changed the goals are still valid (functions to the left).FUNCTION ANALYSIS SYSTEM TECHNIQUE . and all other functions on the right.WHY path affects all of the functions to the right of that function.

Scope lines represent the boundaries of the study and are shown as two vertical lines on the FAST model. The left scope line determines the basic function(s) of the study. but it supplements intuitive thinking. The basic functions will always be the first function(s) to the immediate right of the left scope line. This is not part of the intuitive logic process. The scope lines bound the "scope of the study". The right scope line identifies the beginning of study and separates the input function(s) from the scope of the study . but indicates cause and effect. The objective or goal of the study is called the "Highest Order Function". Functions to the right and outside of right scope line represent the input side that "turn on" or initiate the subject under study and are known as lowest order functions. Any function to the left another function is a "higher order function". WHEN is not a time orientation. or that aspect of the problem with which the study team is concerned. located to left of the basic function(s) and outside of the left scope line. Any function to the right of another function is a "lower order" function and represents a method selected to carry out the .FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)            56  The vertical orientation of the FAST model is described as the WHEN direction.

The concept can represent either the current conditions (as is) or proposed approach (to . Once determined. The concept describes the method being considered. the basic function will not change. If the basic function fails. All functions to the right of the basic function(s) portray the conceptual approach selected to satisfy the basic function. elected. to achieve the basic function(s).FUNCTION ANALYSIS SYSTEM TECHNIQUE – (FAST)      57  Those function(s) to the immediate right of the left scope line represent the purpose mission of the product or process under study and are called Basic Function(s). the product process will lose its market value .

. Working from an "as is" model will restrict the team's attention to increment: improvement opportunities.FAST     58 As a general rule. and exploring ways to resolve the problem. This approach will give the product development team members an opportunity compare the "ideal" to the "current" and help resolve how to implement the differences. even if the assignment is to improve an existing product. An "as is" model is useful for tracing the symptoms of problem to its root cause. it is best to create a "to be” rather than an "as is" FAST Model. because of the dependent relationship of functions that form the FAST model.FUNCTION ANALYSIS SYSTEM TECHNIQUE .

Supporting function are usually secondary and exist to achieve the performance levels specified in the objectives or specifications of the basic functions or because a particular approach was chosen to implement the basic function(s). with respect to . Changing a function on a minor logic path will disturb an independent (supporting) function that enhances the basic function. than they are located on the major logic path. Changing a function on the major logic path will alter or destroy the way the basic function is performed. Independent functions describe an enhancement or control of a function located on the logic path. They do not depend on another function or method selected to perform that function. If the function along the WHY direction lead into the basic function(s).FUNCTION ANALYSIS SYSTEM TECHNIQUE        59 Any function on the HOW-WHY logic path is a logic path function. and art considered secondary. Independent functions are located above the logic path function(s). If the WHY path does not lead directly to the basic function. it is a minor logic path.

FUNCTION ANALYSIS SYSTEM TECHNIQUE FAST DIAGRAM PENCIL WHY W H E N HOW Display information Improve appearance Maintain Information Record information Make Marks Deposit Medium Apply pressure Secure Eraser Correct information Remove Marks Absorb Medium Rub eraser Apply Pressure Support lead Transmit force Protect wood Accommodate grip Hold pencil 60 Keep records .

FUNCTION ANALYSIS SYSTEM TECHNIQUE FAST          61  The next step in the process is to dimension the FAST model or to associate information to its functions. but are not limited to: responsibility. estimated costs. The two popular ways are called Clustering Functions and the Sensitivity Matrix. a team would develop an "as is" product FAST model. budgets. For cost reduction. placing inspection and test points. allocated target costs. Clustering functions involves drawing boundaries with dotted lines around groups of functions to configure sub-systems. There are many ways to dimension a FAST model. manufacturing processes. actual costs. the subsystems can be divided among product development teams assigned to achieve the target cost reductions. FAST dimensions include. and assign target costs. allocate product cost by clustered functions. The teams can then select cost sensitive sub-systems and expand . subsystem groupings. positioning design reviews. Following the completion of the model. customer sensitivity functions can be identified as well as opportunities for significant cost improvements in design and production . Clustering functions is a good way to illustrate cost reduction targets and assign design – to – cost targets to new design concepts. cluster the functions into subsystems. and others. During the process of creating the model.

Starting with a function. This line of logic is read from right to left. we ask HOW that function is performed to develop a more specific approach. To abstract the problem to a higher level. 62 .CREATING A FAST MODEL        Creating A Fast Model The FAST model has a horizontal directional orientation described as the HOW-WHY dimension. we as WHY is that function performed. This line of questioning and thinking is read from left to right. This dimension is described in this manner because HOW and WHY questions are asked to structure the logic of the system's functions.

Best Value’ Best Value = Low Cost + Justified Additions  High Cost Best Value Low Cost .‘Value Analysis Concept : Low Cost.

 Providing a method of communication within a product development team and achieving team consensus   Facilitating flexibility in thinking and exploring multiple concepts Focusing on essential functions to fulfill product requirements Identifying high cost functions to explore improvements   .How to improve the Value?  Component cost reduction of the product Relating the cost of components to their function contributions.  Secondary functions could be modified or eliminated to reduce product cost.

Why Value Analysis is needed ?           Assessing Customer Needs & Affordability Capturing Customer Needs and Priorities Obtaining Customer Feedback on Value Product Planning Reduced material use and cost Reduced distribution costs Reduced waste Improved Profit Margins Increased Customer Satisfaction Increased employee morale .

there is a decline in the marginal utility that person derives from consuming each additional unit of that product.Diminishing Marginal Utility Defination : A law of economics stating that as a person increases consumption of a product – “while keeping consumption of other products constant .” .

* What is it? * Where did it come from? * How does it work? * What are benefits? Valmax Associates ©2002 .

organized procedures to generate creative alternatives to secure essential functions at the greatest worth.DEFINITION A decision process that uses systematic. Valmax Associates ©2002 .

VALUE WORTH = COST >1 <1 Good Value Value Function Poor Value Valmax Associates ©2002 .

KEY ELEMENTS • Structured Process • Team Involvement • Functional Analysis • Communication • Creativity Valmax Associates ©2002 .

• Structured Process 1 2 3 4 5 6 7 8 Selection Information Creativity Analysis Development Presentation Implementation Verification JOB PLAN TEAM WORKSHOP (3 to 10 days) Valmax Associates ©2002 .

• JOB PLAN 1 2 3 4 5 6 7 8 Selection Project Scope Data Team Information Based on: Creativity Indicators: Based on: Based on: • • Drawings & Schematics Apparent benefits • • BudgetExpertise Costs Increasing • available Analysis • • Specifications reductions Cost / Resource • • Time • Compatibility Schedules Missed available Development • • Cost Accounting Performance improvements • • Opportunity for changes Losing • Availability Market Share • • Performance Projected ROI Presentation • • Expertise Solutions Traditional available • Interest • Customer . too Implementation won’t work! Feedbackcostly! Verification Valmax Associates ©2002 . . .

• Team Involvement 5 to 7 Members Multiple Disciplines Selected by Management Assisted by Certified VM Facilitator Valmax Associates ©2002 .

Scope. Team Members) Information FA FAST Focus Points Creativity Analysis Development Presentation FUNCTION ANALYSIS Implementation Verification Valmax Associates ©2002 . Data.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project.

Active Verb + Measurable Noun example: a pencil “makes marks” Valmax Associates ©2002 .FUNCTION ANALYSIS .Two Word Descriptions for each component or element .What Does It Do ? what is it ? .

/ $0.20 Support Lead / $0.24 $0. / $0. / $0.30 $0.03 Display Info.10 Improve Appear.13 Lead Body $0.19 Lead Body Valmax Associates ©2002 .04 $1.38 $1.24 Transmit Force / $0.09 PARTS Eraser Band COSTS $0.05 Improve Appear. / $0.19 Paint $0.05 Protect Wood / $0.30 Secure Eraser / $0.05 (Letters) Paint (Body) $0.14 Accommodate Grip Display Info.FUNCTION ANALYSIS PARTS Eraser Band Eraser Band Paint (Letters) Paint (Letters) Paint (Body) Paint (Body) Lead Body FUNCTIONS / COSTS Remove Marks / $0.04 Make Marks / $0.

• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. Scope. Data. Team Members) Information FA FAST Creativity Analysis Development Presentation Implementation Verification FAST Diagram Valmax Associates ©2002 .

Distribute Costs by Function costs of functions allocated . basic. supporting .Logical Arrangement of Functions higher order.Prioritize Functions for Analysis focus points refine emphasis of study Valmax Associates ©2002 . secondary.FAST Diagram .

FAST Diagram Function Analysis System Technique TECHNICAL FAST Valmax Associates ©2002 .

life of performance • Furnish Extend ENABLE • relationships Texture •Improve basics service.FAST Diagram SUPPORTING Facilitate FUNCTIONS TASK •spatial layouts Style BASIC •Desired by users •NOT essential • Make stronger •FUNCTIONS Color A reason that •Make easy to use • for schematic maintenance The performing • Make safer Image of comfort •Offerlogical • •repairsreliability the product. etc. • directions • selling • customer acceptance Purpose TASK How CUSTOMER (TASK) FAST Secondary Basic Secondary Basic Why Primary Basic Secondary Basic Supporting Functions Assure Convenience Assure Dependability Satisfy OUS Attract OUS Scope Line Higher Order Function Basic Functions Secondary Valmax Associates ©2002 . Essential for • Ensure • functional Shapesystem. the TASK. •Make pleasing process.etc. • • •instructions Protect environs • the TASK marketing Endorsement faster.exists. smaller.

04 Assure Convenience Remove Secure Marks 25% Eraser 8% Accommodate Grip Display Information 8% Assure Dependability Satisfy OUS Attract OUS Higher Order Function Basic Functions Support Lead Protect Wood Improve Appearance Secondary 12% Make Marks / $0.FAST Diagram PARTS FUNCTIONS/COSTS How CUSTOMER (TASK) FAST Transmit Make Marks 20% Force 17% Supporting Functions Why Convey Information Eraser Eraser Remove Marks / $0.05 (Letters) Improve Appear.14 Accommodate Grip Display Info /Lead $0.24 Paint (Body) Transmit Force / $0.30 Band Paint (Letters) Paint (Body) Lead Body Band Secure Eraser / $0.03 Display Info / $0. / $0.05 Paint Protect Wood / $0.19 4% 6% Valmax Associates ©2002 . / $0.10 Improve Appear.04 Body $1.20 Support Lead / $0.

Data. Team Members) Information FA FAST Focus Points) Creativity Analysis Development • Basic Function(s) • Value Mismatches Presentation • Complexity Implementation Verification Valmax Associates ©2002 .• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. Scope.

FAST Diagram FOCUS POINTS • Basic Functions • Highest Cost Supporting Functions (potential VALUE MISMATCHES) • Complexity How Why Transmit Make 20% Force 17% Marks Supporting Functions Convey Information Remove Secure Marks 25% Eraser 8% Assure Convenience Accommodate Grip Display Information Assure Dependability Satisfy OUS Attract OUS Support Lead Protect Wood Improve Appearance Secondary 8% 12% 4% 6% Higher Order Function Basic Functions Valmax Associates ©2002 .

Data.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. Scope. Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis • Brainstorming Development • Gordon Technique • Field Force Analysis Presentation • Brain-writing Implementation • Uniform Methods Listing Verification • Other methods Valmax Associates ©2002 .

. .Creative GENERATE IDEAS • How else . ? How . ? • How . . . ? • How less costly . ? • How better . ? • How quicker . . ? IDEA IDEA Focus Point A IDEA IDEA IDEA IDEA IDEA IDEA IDEA Focus Point C IDEA IDEA IDEA IDEA IDEA IDEA IDEA IDEA IDEA IDEA IDEA Focus Point B IDEA IDEA Focus Point n IDEA IDEA IDEA IDEA IDEA Valmax Associates ©2002 . . ? • How to avoid . .

Scope. Data. Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis Development • Affinity Grouping Presentation • Blast-Create-Refine • Refine Concept Groups Implementation • Identify Benefits/Risks Verification • Other methods Valmax Associates ©2002 .• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project.

Creative IDEA IDEA AFFINITY GROUPS IDEA IDEA Focus Point C IDEA CONCEPT 1 IDEA IDEA IDEA Focus Point A IDEA IDEA CONCEPT 2 IDEA IDEA IDEA IDEA IDEA Focus Point B IDEA IDEA IDEA IDEA CONCEPT 3 IDEA IDEA IDEA IDEA Focus Point n IDEA IDEA IDEA IDEA CONCEPT n Valmax Associates ©2002 .

Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis (Evaluate Rank Select Concepts) Development Presentation • Consensus Implementation • “Sticky Vote” • Probability Grouping Verification • Criteria Weighting Matrix • Multi Series Decision Matrix Valmax Associates ©2002 . Data. Scope.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project.

Analysis EXAMPLE: Probability Groupings LARGE BENEFITS EASY MEDIUM BENEFITS SMALL BENEFITS IMPLEMENTATION DIFFICULTY GENERATE PROPOSALS n 1 n MODERATE 2 FUTURE CONSIDERATION 3 HARD n REJECT Valmax Associates ©2002 .

Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis (Evaluate Rank Select Concepts) Development (Improve Proposal Value. viability. disadvantages. dangers. Data. risks. Scope. advantages. Document) Presentation Implementation SELECTED CONCEPTS: Verification feasibility.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. costs (life cycle) WRITTEN REPORT Valmax Associates ©2002 .

• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. Scope. Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis (Evaluate Rank Select Concepts) Development (Improve Proposal Value. Data. Document) Presentation (Recommendations to Sponsors) Implementation WRITTEN REPORT & ORAL Verification PRESENTATION • Information for Decision-Makers • Guidance for Implementation • Records for Audit & Verification Valmax Associates ©2002 .

) Verification (Audit Actual Results and Compare) Valmax Associates ©2002 . Staff. Team Members) Information (FA FAST Focus Points) Creativity (Focus Points Ideas Concepts) Analysis (Evaluate Rank Select Concepts) Development (Improve Proposal Value. etc. Data. Budget.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project. Document) Presentation (Recommendations to Sponsors) Implementation (Schedule. Scope.

Document) Presentation (Recommendations to Sponsors) Implementation(Schedule.• JOB PLAN 1 2 3 4 5 6 7 8 Selection (Project.) Verification (Audit Actual Results and Compare) Valmax Associates ©2002 . Scope. Team Members) Information (FA FAST Focus Points) Creativity(Focus Points Ideas Concepts) Analysis (Evaluate Rank Select Concepts) Development (Improve Proposal Value. Data. Budget. etc. Staff.

BENEFITS
IMPROVE CUSTOMER SATISFACTION - Major appliance
company product ratings increased from “unsatisfactory” to “recommended”; new product rated one of “top three”.

REDUCE PRODUCT COSTS - Electrical component manufacturer introduced new lighted switch achieving larger market share with 30% lower product costs.

INCREASE ORGANIZATIONAL EFFICIENCY - Sales training
department reduced total program cost by 47%.

INCREASE PROCESS EFFICIENCY - Machining / assembly
costs reduced by 40% for automotive forgings.

ROI - 40:1 typical (economic benefits / VM study costs)
Valmax Associates
©2002

Potential Savings
VP

Cost to Change
Value Anal. Value Mgmt.

Monetary Value

P L A N N I N G

C O N C E P T D E V E L.

Value Engg.

D E S I G N / D E V E L.

P R E | M F G.

P I L O T P R O D

O N G O I N G M F G.

Product Life Cycle
Valmax Associates
©2002

EXAMPLE: Team Workshop Cost
3 Day Project 5 Day Project TEAM TIME (days) COST (w/OH) TIME (days) COST (w/OH) MEMBERS Facil -FT 6 $7,200 9 $10,800 Asst Facil -FT 3 $3,000 5 $5,000 Subtotal $10,200 $15,800 Member A-FT 3 $1,200 5 $2,000 Member A-FT 3 $1,200 5 $2,000 Member A-FT 3 $1,400 5 $2,300 Member A-FT 3 $1,500 5 $2,500 Member A-FT 3 $1,500 5 $2,500 Other - PT 1 $500 3 $1,500 Subtotal $7,300 $12,800 Travel Exp. $800 $1,000 Total $18,900 $29,600 TOT (rounded w/8% cont) $21,000 $32,000
Valmax Associates
©2002

REFERENCES SAVE International Professional society for VM practitioners www.vesociety. Univ.com Valmax Associates ©2002 .value-eng.wisc.vetoday. of Wisconsin www.edu/wendt/miles VeToday Value Methods information web site: www.com Miles Value Foundation VM reference center at College of Engineering.org VE Society International Professional society for VM practitioners www.

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