value analysis

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Related to Value engineering: value analysis

value analysis

or

value engineering

the evaluation and review of a product's DESIGN, with the aim of reducing its material or manufacturing cost without impairing its function or performance. By examining all a product's components and their manufacture it may be possible to identify cheaper raw materials to replace expensive ones, or opportunities to reduce the degree of precision with which components are made. See CONCURRENT ENGINEERING, LEAN MANUFACTURING.