THE CONCEPT OF VALUE
The value of a product will be interpreted in diferent ways by diferent
customers. Value is subjective. Just as beauty lies in the eyes of the
beholder, value is highly dependent upon perspective. Frequently, the
analyst will discover that the diferent perspectives will lead to conicting
de!nitions of value. "ut usually its common characteristic is a high level
of performance, capability, emotional appeal, style, etc. relative to its
cost. This can also be e#pressed as ma#imi$ing the function of a product
relative to its cost%
Value & '(erformance ) *apability+,*ost & Function,*ost
Value is not a matter of minimi$ing cost. -n some cases the value of a
product can be increased by increasing its function 'performance or
capability+ and cost as long as the added function increases more than its
added cost. The concept of functional worth can be important. Functional
worth is the lowest cost to provide a given function. .owever, there are
less tangible /selling/ functions involved in a product to ma0e it of value
to a customer.
INTRODUCTION TO VALUE ANALYSIS
1awrence 2iles conceived of Value 3nalysis 'V3+ in the 4567 based on the
application of function analysis to the component parts of a product. The
technique simultaneously pursues two complimentary objectives%
• 2a#imi$ing the utility provided by the product or service
• 2inimi$ing or eliminating waste.
The analyst8s goal is to eliminate as much of the non9value9added
elements as possible by reengineering the design of the product or
process. :qually important, the analyst also considers the possibility of
substituting functionally equivalent elements for the value9added
elements of the product or process design. -n the latter case, a
substitution is justi!ed when the functionality of the element is
maintained or enhanced at a reduced cost to the producer. Value analysis
may be applied to the design and redesign of products, services, and
*omponent cost reduction was an efective and popular way to improve
/value/ when direct labor and material cost determined the success of a
product. The value analysis technique supported cost reduction activities
by relating the cost of components to their function contributions.
Value analysis de!nes a /basic function/ as anything that ma0es the
product wor0 or sell. 3 function that is de!ned as /basic/ cannot change.
;econdary functions, also called /supporting functions/, described the
manner in which the basic function's+ were implemented. ;econdary
functions could be modi!ed or eliminated to reduce product cost.
Finally, design changes may be proposed to eliminate, reduce, or replace
elements that fail to add su<cient value to the overall product or
3s V3 progressed to larger and more comple# products and systems,
emphasis shifted to /upstream/ product development activities where V3
can be more efectively applied to a product before it reaches the
production phase. .owever, as products have become more comple# and
sophisticated, the technique needed to be adapted to the /systems/
approach that is involved in many products today. 3s a result, value
analysis evolved into the /Function 3nalysis ;ystem Technique/ 'F3;T+
VALUE ANALYSIS METHOD:
-dentifying the function in the broadest possible terms provides the
greatest potential for divergent thin0ing because it gives the greatest
freedom for creatively developing alternatives. 3 function should be
identi!ed as to what is to be accomplished by a solution and not how it is
to be accomplished. .ow the function is identi!ed determines the scope,
or range of solutions that can be considered.
That functions designated as /basic/ represent the operative function of
the item or product and must be maintained and protected. =etermining
the basic function of single components can be relatively simple. "y
de!nition then, functions designated as /basic/ will not change, but the
way those functions are implemented is open to innovative speculation.
3s important as the basic function is to the success of any product, the
cost to perform that function is inversely proportional to its importance.
This is not an absolute rule, but rather an observation of the consumer
products mar0et. Few people purchase consumer products based on
performance or the lowest cost of basic functions alone. >hen purchasing
a product it is assumed that the basic function is operative. The
customer8s attention is then directed to those visible secondary support
functions, or product features, which determine the worth of the product.
From a product design point of view, products that are perceived to have
high value !rst address the basic function8s performance and stress the
achievement of all of the performance attributes. ?nce the basic
functions are satis!ed, the designer8s then address the secondary
functions necessary to attract customers. ;econdary functions are
incorporated in the product as features to support and enhance the basic
function and help sell the product. The elimination of secondary functions
that are not very important to the customer will reduce product cost and
increase value without detracting from the worth of the product.
The cost contribution of the basic function does not, by itself, establish
the value of the product. Few products are sold on the basis of their basic
function alone. -f this were so, the mar0et for /no name/ brands would be
more popular than it is today. 3lthough the cost contribution of the basic
function is relatively small, its loss will cause the loss of the mar0et value
of the product.
?ne objective of value analysis or function analysis, to improve value by
reducing the cost9function relationship of a product, is achieved by
eliminating or combining as many secondary functions as possible.
VALUE ANALYSIS PROCESS
The !rst step in the value analysis process is to de!ne the problem and
its scope. ?nce this is done, the functions of the product and its items are
derived. These functions are classi!ed into /basic/ and /secondary/
functions. 3 *ost Function 2atri# or Value 3nalysis 2atri# is prepared to
identify the cost of providing each function by associating the function
with a mechanism or component part of a product. (roduct functions with
a high cost9function ratio are identi!ed as opportunities for further
investigation and improvement. -mprovement opportunities are then
brainstormed, analy$ed, and selected.
FUCTION COST MATRIX APPROACH %
The objective of the Function *ost 2atri# approach is to draw the
attention of the analysts away from the cost of components and focus
their attention on the cost contribution of the functions. The Function *ost
2atri# displays the components of the product, and the cost of those
components, along the left vertical side of the graph. The top hori$ontal
legend contains the functions performed by those components. :ach
component is then e#amined to determine how many functions that
component performs, and the cost contributions of those functions.
=etailed cost estimates become more important following function
analysis, when evaluating value improvement proposals. The total cost
and percent contribution of the functions of the item under study will
guide the team, or analyst, in selecting which functions to select for value
VALUE ANALYSIS MATRIX %
3 variation of the Function9*ost 2atri# is the Value 3nalysis 2atri#. This
matri# was derived from the @uality Function =eployment '@F=+
methodology. -t is more powerful in two ways. First, it associates functions
bac0 to customer needs or requirements. -n doing this, it carries forward
an importance rating to associate with these functions based on the
original customer needs or requirements. Functions are then related to
mechanisms, the same as with the Function9*ost 2atri#. 2echanisms are
related to functions as either strongly, moderately or wea0ly supporting
the given function. This relationship is noted with the standard @F=
relationship symbols. The associated weighting factor is multiplied by
customer or function importance and each columns value is added.
These totals are normali$ed to calculate each mechanism8s relative
weight in satisfying the designated functions. This is where the second
diference with the Function9*ost 2atri# arises. This mechanism weight
can then be used as the basis to allocate the overall item or product cost.
The mechanism target costs can be compared with the actual or
estimated costs to see where costs are out of line with the value of that
mechanism as derived from customer requirements and function analysis
FUNCTION ANALYSIS SYSTEM TECHNIQUE
Function 3nalysis ;ystem Technique is an evolution of the value analysis
process created by *harles "ytheway. F3;T permits people with diferent
technical bac0grounds to efectively communicate and resolve issues that
require multi9disciplined considerations. F3;T builds upon V3 by lin0ing
the simply e#pressed, verb9noun functions to describe comple# systems.
F3;T is not an end product or result, but rather a beginning. -t describes
the item or system under study and causes the team to thin0 through the
functions that the item or system performs, forming the basis for a wide
variety of subsequent approaches and analysis techniques. F3;T
contributes signi!cantly to perhaps the most important phase of value
engineering% function analysis. F3;T is a creative stimulus to e#plore
innovative avenues for performing functions.
"ytheway8s set of original questions for F3;T includes the following%
4. >hat subject or problem would you li0e to addressA
B. >hat are you really trying to do when youA
C. >hat higher level function has caused to come into beingA
6. >hy is it necessary toA
7. .ow is actually accomplished or how is it proposed to be
D. =oes the method selected to cause any supporting functions to
come into beingA
E. -f you did not have to perform, would you still have to perform the
other supporting functionsA
F. >hen you, do apparent dependent functions come into e#istence as
a result of the current designA
5. >hat or who actuallyA
The F3;T diagram or model is an e#cellent communications vehicle. Gsing
the verb9noun rules in function analysis creates a common language,
crossing all disciplines and technologies. -t allows multi9disciplined team
members to contribute equally and communicate with one another while
addressing the problem objectively without bias or preconceived
conclusions. >ith F3;T, there is no right or wrong model or result. The
problem should be structured until the product development team
members are satis!ed that the real problem is identi!ed. 3fter agreeing
on the problem statement, the single most important output of the multi9
disciplined team engaged in developing a F3;T model is consensus. ;ince
the team has been charged with the responsibility of resolving the
assigned problem, it is their interpretation of the F3;T model that reects
the problem statement that8s important. The team members must discuss
and recon!gure the F3;T model until consensus is reached and all
participating team members are satis!ed that their concerns are
e#pressed in the model. ?nce consensus has been achieved, the F3;T
model is complete and the team can move on to the ne#t creative phase.
DIFFERENCE BETWEEN FAST AND VALUE ANALYSIS:
F3;T difers 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. 3nother major diference is in
analy$ing a system as a complete unit, rather than analy$ing the
components of a system. >hen studying systems it becomes apparent
that functions do not operate in a random or independent fashion. 3
system e#ists because functions form dependency lin0s with other
functions, just as components form a dependency lin0 with other
components to ma0e the system wor0. The importance of the F3;T
approach is that it graphically displays function dependencies and creates
a process to study function lin0s while e#ploring options to develop
There are normally two types of F3;T diagrams, the technical F3;T
diagram and the customer F3;T diagram. 3 technical F3;T diagram is
used to understand the technical aspects of a speci!c portion of a total
product. 3 customer F3;T diagram focuses on the aspects of a product
that the customer cares about and does not delve into the technicalities,
mechanics or physics of the product. 3 customer F3;T diagram is usually
applied to a total product.
VALUE ADDED ASSESSMENT:
The function of each design element is then reviewed against the
operational de!nition of value to determine whether and how it
contributes to the worth of the product or process. 3lthough each
situation is unique, several functions are commonly considered to be non9
value9added. The following list is a small sample of highly suspect verbs%
• 3dministration% allocates, assigns, records, requests, or selects.
• >aiting or delay% !les, sets up, stages, updates, or awaits.
• 2otion or transportation% collates, collects, copies, delivers, distributes,
issues, loads, moves, or receives.
• ?versight or control% approves, e#pedites, identi!es, inspects labels,
maintains, measures, monitors, reviews, or veri!es.
• Hewor0 or repair% adjusts, changes, reconciles, repairs, returns, revises,
.owever, identifying non9value9added design elements is only one aspect
of the value assessment. The value9added elements should also be
appraised. For example, assume that our evaluation has determined that
the function of a bolt is to /attach9component./ ?ur initial analysis reveals
that this is a secondary function that supports the overall operation of our
product and is therefore value9added. .owever, during the information9
gathering phase of our analysis we discovered that several warranty
claims can be traced to the failure of this bolt. "ased upon this
information we should then consider whether a substitute component
might provide a higher level of value. -n this situation we might consider
a bigger, stronger bolt. -f the revised design leads to fewer failures, our
customers might e#perience fewer !eld failures. -n addition, even though
the new component presumably costs more than the original, we may
!nd the overall product pro!tability improved if the reduced warranty
claims ofset the higher production costs. >e might also choose to e#tend
our analysis to consider other functionally equivalent components to the
original bolt. Heturning to our e#ample, the function of the bolt was to
/attach9component./ ;everal other design elements might perform the
same fastening function at either a reduced cost or improved
performance level. 3 more complete analysis might consider substituting
a screw, a rivet, adhesive, or even a weld for the troublesome bolt. :ach
potential substitution has its own implications for production costs and
VALUE ANALYSIS AND DESIGN PROCESS
The analysis of value is intrinsic to the design process. =esign
professionals evaluate materials and systems as part of the process of
responding to the client8s needs. The resultant design is really a series of
recommendations to the client that address constructability, program
requirements, and life9cycle costs including operational and maintenance
Ienerating alternatives to produce the greatest worth for the client often
ta0es s0ill sets beyond those of design professionals. 3 team approach
can best incorporate the e#pertise of value and constructability
consultants into any analysis that the designers of record provide. Gsed
properly, value analysis can increase the return on investment and create
greater overall project value for the client.
Ae!"# F$"%&!'"al Al&e("a&!)e
The basis of value analysis is an organi$ed efort focused on achieving
the lowest life9cycle costs consistent with required performance,
reliability, quality, and aesthetics. This organi$ed efort should
ac0nowledge that the design team8s participation will result in additional
time and liability e#posures, and the professional service fee should be
increased accordingly. Gsually, the best results are achieved when value
analysis begins early in the design process. "eginning at the schematic
design development phase, initial and long9term e#penses as well as
construction costs can decrease through use of more cost9e<cient
materials and reduction in construction time, increasing the client8s
pro!table use of the facility.
A)'!*!"# &+e C'&,C$&&!"# Me"&al!&-
2ere cost cutting is not true value analysis. *ost cutting that results in a
loss of quality and functionality does not qualify as the systematic
identi!cation of a component8s true function. 3nd this does not provide a
component8s essential function at the lowest overall cost. 2ost value
analysis ideas involve some compromise on quality, but performance,
quality, and cost must be weighed against each other before agreeing on
changes. -f the solution is developed early enough in the design process,
the overall bene!t to the client will be greater.
A%+!e)!"# T($e Be"e.&
Heducing project construction costs, improving project schedules, and
decreasing operational and maintenance costs can be a signi!cant
challenge. The !rst step in meeting that challenge is to ma0e sure the
client has a well9prepared budget and a clear program. Then the value
analysis process, conducted early in the design phase, can have positive
results. Iaps in the client8s program or insu<cient funding can lead to
signi!cant problems during construction if not addressed up front.
Value analysis should not be a one9time efort, however. The design team
must review and evaluate each proposal on the basis of project goals,
technical considerations, implementation consequences, and both initial
operations and life9cycle cost savings. The design team also is
responsible for defending quality to the client and e#plaining the
downside of any value analysis ideas. 3 client must be able to e#press
informed consent when deciding on design team recommendations.
3ll sta0eholders in a construction project must understand the procedures
and timing of value analysis if the process is to achieve a true bene!t
rather than illusory savings to the client.
SIGNIFICANCE OF VALUE ANALYSIS:
Value analysis is an important analysis tools. This methodology leads to
improved product designs and lower costs by%
• (roviding a method of communication within a product development
team and achieving team consensus
• Facilitating e#ibility in thin0ing and e#ploring multiple concepts
• Focusing on essential functions to ful!ll product requirements
• -dentifying high cost functions to e#plore improvements
CASE STUDY /
B$!"e Val$e A"al-! '0 m-SAP CRM '" Bla%1Be((- a& SAP
IDC OPI NION
3s organi$ations across the globe leverage mobile solutions to e#tend
beyond their initial use for mobile email, signi!cant opportunities for
strategic diferentiation begin to materiali$e along with tremendous
quantitative and qualitative bene!ts. ;uch bene!ts bring e#ceptional
value not only to the intended mobile user base but also to a larger set of
wor0ers across the organi$ation in the form of streamlined wor0ow and
improved business processes. ;3( 3merica created and deployed an
e#tension of its my;3( *ustomer Helationship 2anagement 'my;3( *H2+
application to its mobile sales force on their "lac0"erry devices.
This underta0ing yielded the following results%
3n initial deployment of a >eb9based portal provided the necessary
gateway between des0top and the mobile application for many
users. The visibility and usage of the portal allowed for a better
overall understanding of business processes and ultimately
contributed to increased adoption of the subsequent mobile
application. The plan to use the ;3( #3pp 2obile ;ales composite
application on "lac0"erry sought to present a "2y ?pportunities" view
and enable updating of customer and company contact information,
viewing and modifying of in9process opportunities, changing status
and close date, adding members to a virtual account team, viewing
an opportunity8s internal order number, and providing revenue
modi!cation at the line9item level.
The ;3( team completed a rapid deployment and delivery cycle
that brought mobile *H2 to nearly 4JJK adoption in si# months.
3n initial phase of deployment had yielded little adoption by the
sales force due to slow performance and unwieldy security policies.
3dditional enhancements, such as single sign9on features and
improved ease of use, signi!cantly increased user adoption.
Ley hurdles to overcome included heavy reliance upon support staf,
combined with ine<cient communication and wor0ow mechanisms
among account e#ecutives, managers, and virtual account teams.
@ualitative bene!ts included operational and quality improvements,
signi!cant increases in sales productivity, numerous e<ciency
improvements, and cost reductions.
The ;3( team completed a rapid deployment and delivery cycle that
brought mobile *H2 to nearly 4JJK adoption in si# months. The
following timeline shows the implementation cycle for ;3( 3merica%
• -n BJJB% Holled out my;3( *H2 application to account e#ecutives
• 3pril BJJ7% 1aunched *H2 portal
• June BJJ7% Holled out online version of ;3( #3pp 2obile ;ales on
"lac0"erry 'read9only capabilities+
• 3ugust BJJ7% 3dded single sign9on capabilities 'eliminated
signi!cant adoption barrier+
• Movember BJJ7% -ntegrated opportunity and sales9cycle
management capabilities 'update capabilities added+
3 0ey component of the mobile solution was the initial deployment of the
*H2 portal. The portal acted as an important bridge to move users
from the des0top9based my;3( *H2 solution to ;3( #3pp 2obile ;ales.
(ortal usage, understanding, and functionality actually led to a
broader adoption of the sales application on the "lac0"erry devices.
The "lac0"erry device and ;3( #3pp 2obile ;ales enable account and
opportunity management processes including%
• Gpdate customer and company contact information
• View and modify in9process opportunities
• *hange status and close date
• ;ee a /2y ?pportunities/ view D NBJ74FB OBJJE -=*
• View and add members to virtual account team
• View an opportunity8s internal order number
• 2odify revenue by separate line item
• Gse mobile email and voice communication /-mproving the accuracy
and frequency of our customer information has been a constant
goal. "lac0"erry is one of the tools that help us./
3doption was a challenge to the account e#ecutives for several reasons%
;ince e#isting processes still wor0ed well, account e#ecutives needed
training before they recogni$ed the value of the solution.
"ecause account e#ecutives focus on sales, any disruption to their
e#isting processes can meet with resistance. =emonstrating how such a
mobile solution could improve e<ciencies and enhance productivity
had to resonate for an account e#ecutive to consider adoption, and
it was critical to a successful deployment.
;ince account e#ecutives already used "lac0"erry devices for mobile
email that certainly went a long way toward inuencing adoption of
the new sales application. .owever, old habits were not easy to brea0,
such as calling super users and administrators for *H2 information.
;3( focused on simple yet vital features, ;o the company
succeeded in nearly 4JJK adoption of the application.
C'& Re*$%&!'" a"* Imp(')e* E2%!e"%!e
2obile access to my;3( *H2 allows account e#ecutives to be more self9
reliant and reduces interactions with the following o<ce9based wor0ers.
• ;uper users
• Heduces calls for opportunity status chec0s, as this is a core feature
of the application on "lac0"erry devices
• :liminates /than0 you letter/ responsibility, since the mobile
application automatically generates an /e9letter/ from the
• (romotes faster handof to sales through mobile lead acceptance
• Hesults in fewer demos scheduled for mobile *H2, as this can be
performed by the account e#ecutive leveraging his or her own
• Leeps mar0eting resources focused on activities that add value
• ;ales e#ecutives
• 2a0es informed resource allocation decisions based on the most up9
• 1everages wor0ow capabilities to ensure follow9through on all
Be"e.& 3!&+ $e '0 SAP
>ith the implementation of ;3( #3pp 2obile ;ales on "lac0"erry,
;3( 3merica recogni$ed a number of qualitative bene!ts, including
increased user productivity and improvements to sales e<ciency and
efectiveness, along with signi!cant cost reductions.
?verall wor0ow and quality improvements were bene!cial to
account e#ecutives, their teams, and their e#ecutive management.
3ccount information can be updated immediately and at the point of
doing business, improving its accuracy and potential for ma0ing it into
2anagement reports are more li0ely to contain the most up9to9date
account and opportunity information, providing more actionable data
The number of cross9sell and up9sell opportunities increased by 5.CK. -n
addition, calls required for closing a sale decreased by 6.7K.
;ales e#ecutive e<ciency increase by B.EK. There were CD.DK fewer
calls to administrators per month and productivity loss decreased by
P4C.47 per user per month. Gse of the mobile sales application on
"lac0"erry by ;3( account e#ecutives also generated tangible cost
savings in the form of reduced administrative support and lower
telecom costs. ;3( 3merica8s implementation of ;3( #3pp 2obile ;ales
on "lac0"erry delivered a number of measurable bene!ts
"The goal was not to save money, but to improve the accuracy and
timeliness of data regarding opportunities."
*3;: ;TG=Q B
VALUE ANALYSIS FOR SHARE HOLDERS
;hareholder Value 3nalysis ';V3+ is one of a number of methods being
used as substitutes for traditional business measurements.
;V3 calculates the value of a company by loo0ing at the returns it gives
to shareholders, and is based on the view that the objective of company
directors is to ma#imise the wealth of the company8s shareholders.
This chec0list introduces the !nancial calculations involved in carrying out
;V3 and advises on its implementation.;V3 is a method of !nancial
analysis which measures. 3dvantages of ;hareholder Value 3nalysis%
• -t provides a long9term !nancial view on which to base strategic
• -t provides a universal approach that is not subject to the particular
accounting policies that are adopted. -t is therefore internationally
applicable and can be used across sectors.
• -t forces the organisation to focus on the future and its customers, in
particular the value of future cash ows. Traditional measures are
cost9based, bearing little relation to the economic income generated
during a period.
STEPS TA4EN TO CHEC4 THE VALUE
4. Gnderstand and calculate the organisation8s shareholder value
-t is important when planning to adopt shareholder value as a signi!cant
!nancial objective that you understand the implications and best
approach for your business. This can be achieved by planning the
approach !rst with professional advisers, such as accountants or
consultants who specialise in this area.
3 company8s shareholder value can be calculated as follows%
;hareholder value & Total business valueR=ebt
Total business value &(resent value of future cash ows ) Hesidual value
of future cash ows
-f the result of this equation is greater than one, then the company is
worth more than the invested capital and value is being created.
S Future *ash Flows Future cash ows are afected by growth, returns and
S Hesidual Value The residual value is an important !gure, which
represents cash ows arising after the normal planning period.
S >eighted 3verage *ost of *apital '>3**+ >3** consists of the cost of
equity added to the cost of debt, and its purpose is to e#press the return
that a company must earn if it is to justify the !nancial resources that it
B. Iain top management commitment
;V3 is based on the belief that creation and ma#imisation of shareholder
value is the most important measure by which to assess business
performance. This overriding objective must be accepted by top
managers for it to be achieved and ta0e root in the organisation. There
should also be an acceptance that traditional measures and approaches
may fall short of achieving this objective.
C. -dentify the 0ey value drivers of the organisation and set targets.
This analysis of value drivers lin0s !nancial and operational objectives,
and provides a framewor0 for%
S setting targets for performance
S assigning responsibility to individual managers
S reviewing the !nancial performance of the business 'and benchmar0ing
S developing strategic plans99in using ;V3, it is possible to measure the
incremental change in shareholder value arising from each strategy, by
calculating the diference between the present value of future cash ows
before and after implementation of the strategy.
-dentifying the 0ey factors inuencing each value driver is invariably a
process of trial and error. .owever, this process is fundamental to
managing, controlling and ma0ing improvements in the business which
will lead to improved cash ows.
6. *ommunicate the approach and train staf%
2anagers need to understand the broad nature of creating shareholder
value, particularly when appraising potential projects, but the technical
aspects of ;V3 are unli0ely to be of concern. 2anagers need to
understand the importance of identifying, controlling and improving the
performance of the value drivers, and the 0ey factors inuencing them.
7. *hange the organisation8s information systems to monitor and
The organisation8s !nancial reporting systems and information systems in
general, will probably need to be revised when ;V3 is implemented.
*onventional reporting systems are unli0ely to provide all of the
information required, or to provide it in the most efective format. -n order
to implement ;V3 and unloc0 shareholder value, managers must be able
to regularly measure and monitor information concerning the 0ey value
drivers and targets that have been set.
D. *hange the !nancial incentive schemes employed for managers%
?ne 0ey area to address is that of incentive schemes. For senior
managers incentives should reect the need to increase shareholder
value over realistic time periods, rather than focusing simply on short9
term pro!t growth or earnings per share. -ncentives and bonuses for line
managers should reect their success in e#erting a positive inuence
over the value drivers that they control.
E. 2onitor and review progress, and re!ne targets%
*reation of sustained value will require permanent monitoring.
3ppraisals, performance reviews, management meetings and 0ey
decisions will all need to focus on the progress that has been achieved,
and the action that is required to continue building shareholder value.
Failure to emphasise value creation can result in managers focusing on
targets which are no longer relevant, or which are actually harmful to the
long9term value of the business.
?n the successful completion of this project, we feel worthwhile to convey
our ac0nowledgement to all those associated with it.
>e are also e#tremely grateful to our management institute M3H;::
2?MJ:: *?11:I: ?F *?22:H*: 3M= :*?M?2-*; for providing us the
opportunity to carry out such an informative project report.
>e would li0e to e#press our gratitude to our project guide, (rof. Heema
for her valuable advice, suggestions and the help given to us in
completion of this project.
>e also ta0e this opportunity to e#press our gratitude to all those who
directly or indirectly helped us to successfully complete this project.