Value engineering, A powerful productivity tool

One should remember that developing new technology alone is no guarantee for success, for when technology succeeds, it is more due to economic reasons than technical ones. The profession of industrial engineering is set apart from other engineering disciplines by its broad scope. An industrial engin...

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Bibliographic Details
Published in:Computers & industrial engineering 1998-12, Vol.35 (3), p.381-393
Main Author: Elias, Samy E.G.
Format: Article
Language:English
Subjects:
Applied sciences
Exact sciences and technology
Inventory control, production control. Distribution
Operational research and scientific management
Operational research. Management science
Productivity
Studies
Value engineering
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Summary:One should remember that developing new technology alone is no guarantee for success, for when technology succeeds, it is more due to economic reasons than technical ones. The profession of industrial engineering is set apart from other engineering disciplines by its broad scope. An industrial engineer relates to the total picture of productivity. In fact, everything an industrial engineer does, in the final analysis, is aimed at improving productivity. Value engineering was developed by Lawrence D. Miles, a member of the General Electric engineering staff. The term value is used in many ways and has several meanings. Generally speaking, there are 7 different classes of values: economic, moral, aesthetic, social, political, religious, and judicial values. In its simplest form, value is equal to worth divided by cost. The highest return can be expected when VE is performed in the early stages of the project life cycle, when implementation costs are lower (and fewer project delays occur).
ISSN:0360-8352
1879-0550
DOI:10.1016/S0360-8352(98)00116-8