Answer the following questions related to value engineering: a. What is value engineering? b. What is the main objective of value engineering? c. What benefits result from value engineering? d. In no less than 75 words, explain what engineering managers can do to encourage value engineering on construction projects.

Question
Asked Oct 22, 2019
3 views
Answer the following questions related to value engineering:
 
a. What is value engineering?
 
b. What is the main objective of value engineering?
 
c. What benefits result from value engineering?
 
d. In no less than 75 words, explain what engineering managers can do to encourage value engineering on construction projects.
check_circle

Expert Answer

Step 1

Hi there, thanks for the question, as per our honor code we are authorized to solve only first three questions 

Ans 1:

Value Engineering refers to the systemized process which is used to modify or to improve the value of goods and services by analyzing the functions. Value Engineering is an organized approach that is used in the projects to provide essential functions at a lower cost.

Step 2

Ans2:

The value of the products can be increased using value engineering. Value engineering is applied to new products instead of existing products. The main objective of value engineering is as follows.

  • Increased benefits

When the cost is reduced or eliminated from the goods and services, the benefits of the company increases. This also assures the high returns on the invested capital.

 

  • Time consideration

Customer valued those products which are easily available on time. Therefore, time consideration has high priority in value engineer...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Operations Management

Other

Related Operations Management Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Six

A: Option (c) is the one to be avoided by the company as it is in the growth stage of the product life ...

question_answer

Q: In your own words, describe how a point -of - Sales system works, and why it's beneficial to retaile...

A: Point of sale (PoS) system is a billing system that can be embedded with the accounting and marketin...

question_answer

Q: What is a PERT?

A: Program evaluation review technique (PERT):PERT is a project management technique used to schedule, ...

question_answer

Q: Apex Brothers builds birdhouses for its customers. The average birdhouse is priced at $30. Labor cos...

A: Step1: Calculating the value of labour productivity. We have,Labour productivity is the ratio of out...

question_answer

Q: 8

A: Determine the strategy for the given information:As the company is expanding the business to other c...

question_answer

Q: Miguel has a product with an annual holding cost percentage of 20%, an ordering cost of $110 per ord...

A: The following table shows that calculation of optimal order quantity and total cost:

question_answer

Q: similarities and differences in psychodynamic, behavioural and cognitive theories

A: Click to see the answer

question_answer

Q: How do managers decide when the strategies of position, leverage and opportunity make sense?

A: Strategy:The strategy is a course of action taken by managers to achieve one or more of the goals of...

question_answer

Q: A vending machine dispenses hot chocolate or coffee. Service time is 30 seconds per cup andis consta...

A: (A) The above problem comes under the simple system queuing model(M/M/1)