Meaning of production management

May 29th, 2015
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Value analysis and value engineering is one of the cost reduction technique. The persons in the organization sit together and try to analyse the product and eliminate the unwanted expenses in the product.

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PRODUCTION MANAGEMENT AND MATERIAL MANAGEMENTASSIGNMENTWORKVALUE ANALYSIS,VALUE ENGINEERINGRAVISURAJSATISHPARVEZSAMEERINTRODUCTIONValue analysis and value engineering is one of the cost reduction technique. The persons in the organization sit together and try to analyse the product and eliminate the unwanted expenses in the product.The value of a product will be interpreted in different ways by different customers. Its common characteristic is a high level of performance, capability, emotional appeal, style, etc. relative to its cost. This can also be expressed as maximizing the function of a product relative to its cost:Value = (performance +capability) /cost Value = function / costIt is function analysis to the component parts of a product. Component cost reduction was an effective and popular way to improve value when direct labour and material cost determines the success of a product. The value analysis technique supported cost reduction activities by relating the cost of components to their function contributions.MEANING AND DEFINITION OF VALUE ANALYSIS It is an organized approach to provide the necessary functions at the lowest cost.From the beginning the concept of value engineering was seen to be cost validation exercise, which did not affect the quality of the product. The straight omission of an enhancement or finish would not be considered value engineering.This led to the second definitions as follow. It is an org

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