Which of the following is true of value engineering?
A) It is the process of building a new product by first determining the selling price of the product.
B) It is the process by which a company analyzes its own process to reduce cost.
C) It is the process by which a systematic evaluation of all aspects of the value chain, with the objective of reducing costs and achieving a predetermined quality level.
D) It is the process by which the competitor's products are disassembled and analyzed.

Question

Quizplus · Accepted Answer

Value engineering is a systematic method to improve the "value" of goods or products and services by using an examination of function. It focuses on improving the value of products, maximizing product function at the lowest cost, and involves a systematic evaluation of all aspects of the value chain.

Which of the Following Is True of Value Engineering