Value engineering (VE) or value analysis (VA) is an important & powerful approach for improvement in the performance of the products, system or producers & reduction in costs without jeopardizing their function.

The basic objective of value engineering is to achieve equivalent or better performance at a lower cost while maintaining all functional 7 quality requirement. It does this largely by identifying & alimenting hidden, invisible & unnecessary costs. Value engineering helps in improving efficiency as well as effectiveness of products, system & procedures. The objectives of value engineering are as follows:

1) To enable people to pinpoint areas that needs attention & improvement.

2) To provide a methods of generating ideas & alternatives for possible solution to a problem.

3) To provide a means of devaluing alternatives including intangible factors.

4) To provide a vehicle for dialogue.

5) To document the rationale behind decisions.

6) To materially improves the value of goods & services.