Industrial Engineering

Value Engineering

It comes under within the project management, industrial engineering or architecture body of knowledge which uses the value engineering for the value of a system’s outputs which are optimized by crafting a mix of performance and costs. It is based on an analysis of investigating systems, equipment, and facilities, services that provide necessary functions at the lowest life cycle cost while meeting the required targets in performance, reliability, quality, and safety. It uses rational logic and the analysis of function that are used to identify relationships which increase value. It is considered as a quantitative method that is similar to the scientific method.