Stiff competition and customer expectations are forcing lot of companies to reduce the price of products. Many companies are working on thin profit margins just to be in market and retain existing customers. Customers are demanding better products at lesser price. Thin profit margins put lot of pressure on overall operations. That is the reason organisations are looking at reducing the cost of products every quarter, every year.
“Value Engineering” is a systematic process used by multidisciplinary team to improve Value of product through analysis of functions. This technique is one among many techniques which can used during product design and development to reduce or control the cost of products.
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