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Value engineering is a systematic method to improve the value of goods and services by using an examination of an item’s functionality. “Value” is defined here as the ratio of function to cost. Based on this definition, “value” can be increased either by improving the item’s functionality or reducing its cost. A primary tenet of value engineering asserts that quality must not be reduced as a consequence of value improvements.
In the United States, value engineering has a unique place. The Federal government has mandated in Public Law 104-106 that “Each executive agency shall establish and maintain cost-effective value engineering procedures and processes.”
Value engineering uses intuitive logic (unique “how” and “why” questioning techniques) with analyses of functionality to identify relationships that increase value. It is considered a quantitative method similar to the scientific method, which focuses on hypothesis – conclusion to test relationships, and operations research, using model building, to identify predictive relationships. At Provenance, we are dedicated to shifting the paradigm in library and archive preservation
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