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Value analysis or also known as value engineering is an organized and systematic approach in the assessment of the unnecessary costs made in purchasing a certain product, material, part, component, system or service by analyzing its functions and effectively removing them without affecting the overall quality process reliability or its capacity to give service. It is one of the major techniques used by big businesses for cost reduction and control. It is like a cost-benefit analysis wherein you purchase the best quality products for your customers at the least cost without sacrificing the product's reliability, performance, and appearance.
A cost analysis is a rational and structured process often used in supply chain sectors which mainly consists of SWOT analysis used to determine the purpose of the product, creative analysis for finding new and better alternatives, and effectively evaluates the value of present and future concepts. We have provided you with several rules of thumb when making a value analysis to help you get started. Study and analyze them thoroughly.
The first step is to understand and determine the purpose of your cost analysis. What's your main reason for conducting this? This step aims to obtain project data, and analyze its scope. The common factors that may affect the cost analysis such as schedule, cost, budget, and risk are being considered in order to successfully obtain a concept for the project, what needs to be produced and to determine the project's end users.
After successfully determining your purpose, let's proceed now on how we can obtain the function. To give you a head start, there are two forms of functions, namely primary and secondary functions. Primary functions represent the reason for the project's existence while the secondary function serves the project without being core to it.
The next step is to provide alternative ideas. These ideas will help perform the function of the project. The alternative ideas in such a data analysis shared are individually looked at and analyzed thoroughly in order to determine which idea is applicable and useful and which are not.
In this step, alternative ideas are being analyzed thoroughly. In analyzing them, it's best if you make use of the business analysis wherein you are gonna determine not just the internal strengths and weaknesses of applying these ideas in the function of the project but also its possible external opportunities and threats that it may bring to your business.
Your last step is to present now your accomplished value financial analysis to the stakeholders. Evaluate and discuss with them how did you come up with your value analysis, and what were the challenges that you have faced in constructing it. Prepare to answer their questions or clarifications if ever they may raise one.