Cost Reduction of Valve: Using Value Analysis for Sustainability
7 Pages Posted: 12 Feb 2018
Date Written: December 21, 2017
Value Engineering (VE) defines a process in which the value of the product can be increased by significantly decreasing its cost to achieve a long-term profitability plan of a company. In this study, Value engineering tools has been primarily used to improve the value of the product and services by reducing the cost of the valve to make it cost effective. Valves are integral components in piping systems and uses for the various purposes. The study revealed the poor value areas for which the alternatives were developed and evaluated. The modification in valve can be made through analysing functional requirement of valve for the purpose of achieving the essential function at lower cost. Finally, changes in design were proposed which led to cost saving and directly profits the bottom line of the organization.
Keywords: Cost Effectiveness, Sustainability, Value Engineering
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