2. Discuss the phases involved in value analysis. Hou is value analysis a cost reduction method ?
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In the process, the value analysis team conducts a thorough examination of different segments or components of a product/service/process and identifies areas of avoidable costs. It then comes up with innovative ways to enable cost reduction. The solutions are then implemented to enhance profits by reducing costs.
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Gather information. During this step, the main aim of your team is to understand the purpose of a project. ...
Determine and analyze the function of a project. ...
Generate new ideas for improvement. ...
Evaluate these ideas and develop them. ...
Present improvements.
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