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Home > Lean Terms & Definitions > Value Engineering


Value Engineering is an analysis of materials, processes, and products where functions are related to cost, from which a selection may be made to achieve the desired function at the lowest overall cost consistent with performance.
In the past, Value Engineering and Value Analysis were synonymous terms. However, Value Engineering applies to products and services while they are still in the design stage, whereas Value Analysis applies to products and services that have existed for some time.

Learn more about Value Engineering/Value Analysis.