The IUP Journal of Mechanical Engineering
Optimization of Product by Value Engineering Job Plan Technique

Article Details
Pub. Date :Nov, 2018
Product Name : The IUP Journal of Mechanical Engineering
Product Type : Article
Product Code : IJIT41809
Author Name : G K Vinay Kumar, Himaanshu Kumaraswamy
Availability : YES
Subject/Domain : Management
Download Format : PDF Format
No. of Pages : 13

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Abstract

Value Engineering (VE) is a scientific tool for reducing the cost while meeting the customer requirement. The paper uses steps of Value Engineering Job Plan (VEJP) to reduce the cost and improve the value of a rooftop extractor. A case study has been discussed involving roof exhausters which are used for circulation of air in most of the industries. The material is chosen such that the cost is reduced without affecting the quality of the product. Through the application of VE, profits are maximized without hindering the reliability of the product. With the effective utilization of the technique, the final outcome is a successful showcase of VE. Changes in design are also proposed.


Description

Value Engineering (VE) is one of the effective techniques available to identify and eliminate unnecessary costs in design, testing, manufacturing, construction, operations, maintenance and practices. It involves the application of systematic planned procedure to obtain a desired effect by comparing the cost of component with respect to its purpose or functioning in the production or assembly. Lawrence D Miles established the VE in the monograph of "Techniques of Value Analysis and Engineering" in 1947. He pointed out that the success of a free enterprise in the overall long-term competition lay in continuously selling the best value to customers and evoking expected price, and the best value is function and cost. VE can help to determine the best scheme that meets all the needs of the customers with the lowest cost.


Keywords

Value Engineering (VE), Value analysis, Functional analysis, Cost reduction, Rooftop extractor

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