Value Analysis and Value Engineering are similar systematized strategies to analyze products, processes, and services. "Value = Function/Cost" is the basic premise of Value Management. 

Value Management techniques can be performed at various stages in the product or process cycle. Depending on which stage, the specific process may be referred to as Value Planning, Value Engineering or Value Analysis.

These techniques differ from traditional cost cutting by exploring where and why costs are included, then matching this information to customer expectations and requirements. Changes to the design, process or system are developed by a cross- functional team to reduce or eliminate waste, maximize efficiency, and maintain or increase function.

The goal of both VA and VE is to maximize value to the customer. VA and VE can increase your customer's satisfaction with your organization, and can help give you the competitive edge. Cost reductions of 10 to 30% are common -- and results as high as 60% have been achieved!