Value Engineering is a method to improve the value
of goods/products/processes/services by using an examination of
function. Value is the ratio of function to cost. Therefore, the value
can be increased by either improving the function or decreasing
the cost. It is a primary focus of value engineering that basic
functions should be kept as it is and not be reduced as a with the
pursuit of improving value. It is also referred to as value management
or value methodology (VM) or value analysis (VA).