Authors:- Pranjal B. Bhandari, Bhavesh Mewada, Prashant Khanna
Abstract :-Value engineering and its various stages are a fundamental concept used in industry to increase company productivity and eliminate unnecessary processes so that profit can be maximised and the cost of the product minimised. In the last decade, competition in the industrial sector has increased day by day, where manufacturing companies continually need to improve the production lines and product design. Nowadays, production is increased due to an increase in the need for goods, so reducing the total manufacturing cost of products and reducing wastage like part scrap, quality issues, and other product rejection is necessary. The international market leads to competition, and the organisation required by the market provides the consumer with the best value. Product standardisation is important for international trade in goods and services throughout the world.
Keywords: - Value Engineering, Value Analysis, VE Job Plan, Different Phases, Cost reduction
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