Define the term “Value Engineering” and describe the aims of value engineering.
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Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality. It is focused solely on the functions of various components and materials, rather than their physical attributes. Value engineering is also called value analysis.
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Value engineering is a systematic and organized approach to providing the necessary functions in a project at the lowest cost.
The basic objective of value engineering is to achieve equivalent or better performance at a lower cost while maintaining all functional seven quality requirements.
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