A Study about Value Analysis Technique for Cost Reduction in Production Industry
Abstract: This paper present the basic fundamental of Value Analysis that can be implemented in any product to optimize it’s value. A case study of a Universal Testing Machine (UTM) is discussed in which the material, design of components is changed according to the value engineering methodology. In the present case study, it is observed that the unnecessary increase in cost is due to the use of expensive material, increase in variety of hardware items and thereby increasing the inventory and so on. Therefore we have selected some components from UTM and we have applied Value Analysis technique for the cost reduction of the some components of UTM.
Introduction: In 1947, L.D. miles, Design Engineer in G.E.C. USA organized the technique of ‘Value Analysis’ while attempting to reduce the manufacturing cost of some products. His attempt was to search for unnecessary manufacturing cost and indicate the ways to reduce it without lowering down the performance of product. However in India, VE is mostly associated to any alternative design with the intension to cost cutting exercise for a project, which is merely one of the initial intension of the VE. This paper outlines the basic frame work of value Engineering and present a case study showing the merits of VE in a universal testing machine.
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