Also known as Value Analysis and Value Management , is a well-structured methodology that helps to effectively frame the problem or opportunity being studied in order to target areas that will make the greatest impact for value improvement.

It facilitates innovation, communication, clear thinking and team consensus through the study of function; and condenses the time required to achieve breakthrough results and super-performance.

VE is famous for consistently reducing costs, but those who use it as a cost reduction tool alone are missing out on its many other benefits. When designing, producing or managing various types of projects, processes or products there are always issues involving delivery of scope, features and functionality within a particular time frame and budget combined with a desire to achieve optimum function at minimum cost.

Since there is rarely enough time or resources to deliver all desired functionality, one should strive to first identify and then design and deliver solutions that satisfy the business or client’s wants in proportion to the relative importance they give to each of them.