A technique for examination, by multi-disciplined teams, of design attributes and any other factors affecting the cost of the product to identify and implement the means of achieving the specified purpose most economically at the required standard of quality and reliability. Value analysis is the broad term usually used to include both value analysis and value engineering. Value engineering applies to products under development, whilst value analysis applies to products currently in production.

Also known as "Value Engineering". See Also: Value Engineering

An organized effort directed at analyzing the function of systems, products, specifications, standards, practices, and procedures for the purpose of satisfying the required function at the lowest total cost of effective ownership consistent with the requirements for performance, reliability, quality and maintainability.

Evaluating the total lead-time and value-added time to identify the percentage spent in value added activities.

A cost reduction and process improvement tool utilizes information collected about business processes and examines various attributes of the processes (e.g. diversity, capacity, and complexity) to identify candidates for improvement efforts.

Analyzing the value stream to identify value added and non-value added activities.

Vehicle exposure Video conferencing

Valve that opens and closes the combustion chamber of an internal-combustion for fuel-air mixture or exhaust the gases.