As with any buying process nowadays, whether that be consumer or business-to-business, everyone is assessing the value of what they are purchasing and deciding whether a price is worth paying. In mechanical design engineering, as part of the product development cycle, there is a practice that is strategically implemented to improve the value of a product.
Value engineering (or value analysis) is a systematic and organised approach followed to assess the function of a product or component against the cost of manufacturing it. The overall aim is to achieve the same outcome but with a reduced financial outlay. This procedure can help by cutting design and manufacturing time and eliminating unnecessary costs by reducing the scope, or downgrading the specification, etc.
There are several steps that are usually taken. These include information gathering, creative thinking, analysis, and evaluation, followed by the presentation of options and scenarios to be considered. As you can appreciate, this process can take a lot of time, depending on the complexity of the product, and is therefore likely to add to the overall cost. However, if it is applied at an early stage, it can lead to a return on investment. There is also a risk that crucial information can be missed at the initial stage of the study, which can negatively impact the overall process.
From a mechanical design engineering perspective, we relish the challenge of being able to look at a design and make cost-effective recommendations for the benefit of all our customers. Think of it a bit like making sure that you put your money into the right investment to get the best return, or perhaps a higher interest rate for your savings. That usually helps everyone get the right picture of why it’s so important.
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