* Value Analysis is a step by step approach to identify the function of a product, process, system or service; * To establish a monetary value for that function and then provide the desired function at an overall minimum cost without affecting any of the existing parameters like Quality, Maintainability, Productivity, Safely and other performance characteristics. Importance
* Value analysis helps the employees to better understand their jobs. * Value analysis reduces the cost of the product.
* Value analysis create cost consciousness among the operating personnel of the essential functions. * Value analysis generates new concepts and idea for the R &D work. * Value analysis motivates employees to come forward with innovative ideas. * Value analysis provides good training for the future managers of a company.
* Value engineering is usually done by design engineers. Value Engineering can be defined as “ an intensive appraisal of all the elements of design, manufacture, inspection, procurement, installation and maintenance of a product and its components, including the applicable specifications and operational requirements in order to achieve the necessary performance, reliability and maintainability of a product at minimum cost.” * It is the systematic approach directed to analyze the requirements of the systems, equipment, facilities, procedure and supplies to achieve information about the functions as planned to give the needed performance and at the lowest cost.
* Just-in-time (JIT) is an integrated set of activities designed to achieve high-volume production using minimal inventories of raw materials, work in progress, and finished goods. * Parts arrive at a workstation just when they are required and move through the operation quickly. JIT works on a pull system. * Just in time is to produce and deliver finished goods just in time to be sold, make sub- assemblies just in time to be assembled into finished...
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