Value Engineering

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A systematic and organized approach to provide the necessary functions in a project at the lowest cost. Value engineering promotes the substitution of materials and methods with less expensive alternatives, without sacrificing functionality. It is focused solely on the functions of various components and materials, rather than their physical attributes. Also called value analysis.
[http://www.investopedia.com/terms/v/value-engineering.asp]

Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University