Which of the following is the core of value analysis process?

Which of the following is the core of value analysis process?
A . Be creative
B . Develop
C . Evaluate
D . Gather information
E . Carry out functional analysis

View Answer

Answer: E

Explanation:

Value Analysis (VA) is concerned with existing products. It involves a current product being ana-lysed and evaluated by a team, to reduce costs, improve product function or both. Value Analysis exercises use a plan which step-by-step, methodically evaluates the product in a range of areas. These include costs, function, alternative components and design aspects such as ease of manufacture and assembly.

According to the Value Methodology standard, there are 6 phases to a Value Analysis:

– Information

– Function Analysis

– Creative

– Evaluation

– Development

– Presentation 1. Information

In this first phase, the team attempts to understand why the project exists and who or what it is to produce. They obtain project data, present the original design or product concepts, and understand the project scope. Schedule, costs, budget, risk, and other non-monetary issues are studied until the team is comfortable with the concept of the project, what it is to produce, and who its end users are. This step also includes things like site visits and meetings with the project team, if required. Project documents like plans, drawings, specifications, and reports are obtained and the value engineering team becomes familiar with them.