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Problem Solving Techniques #2: Value Analysis
 
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See how Value Analysis can be used to help determine improvement and re-design priorities.
Views: 64424 Eugene O'Loughlin
Value analysis in a nutshell
 
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What exactly is Value Analysis? What are the core elements of this methodology? And why has this approach been so successful for 70 years? How do you proceed within such a value analysis project? What are the tasks of a Professional in Value Management (PVM)? This short explanatory video gives a first overview of the topic using the example of a construction project. The methodology Value Analysis is an organized and creative approach that applies a function- and cost-oriented design process with the aim of increasing the value of the value analysis object. It is characterized by: • Functional orientation (basic idea: The customer does not want the object but its function / effect) • Value concept (How can I increase the value of an object? How can I realize functions at the best price?) • Holistic approach (integration of all stakeholders) • Interdisciplinary teamwork (integration of employees from product development, production, sales, purchasing ...) with space for creativity • Structured, step-by-step approach (according to the value analysis work plan described in the guideline VDI 2800) and • Application neutrality, which means that the methodology can be used independently of the industry, from the phase of the project (from the concept phase to the existing product) and from the considered object (product, process, service). How these core elements, responsible for the success of the methodology, are working together, is shown vividly. In 1947 Value Analysis has been developed in the USA by Lawrence D. Miles. The Technical Division Value Management / Value Analysis at the VDI has been the leading organization for the application, support and further development Value Analysis / Value Management in the German-speaking world since 1967. It also plays a leading role in the international community. Links: Technical Division Value Management/Value Analysis http://www.vdi.eu/engineering/vdi-societies/product-and-process-design/product-and-process-design/value-managementvalue-analysis/
Value Analysis
 
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Value Analysis
Views: 1319 William Richmond
What is VALUE ENGINEERING? What does VALUE ENGINEERING mean? VALUE ENGINEERING meaning & explanation
 
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What is VALUE ENGINEERING? What does VALUE ENGINEERING mean? VALUE ENGINEERING meaning - VALUE ENGINEERING definition - VALUE ENGINEERING explanation, Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Value engineering (VE) is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be increased by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The reasoning behind value engineering is as follows: if marketers expect a product to become practically or stylistically obsolete within a specific length of time, they can design it to only last for that specific lifetime. The products could be built with higher-grade components, but with value engineering they are not because this would impose an unnecessary cost on the manufacturer, and to a limited extent also an increased cost on the purchaser. Value engineering will reduce these costs. A company will typically use the least expensive components that satisfy the product's lifetime projections. Due to the very short life spans, however, which is often a result of this "value engineering technique", planned obsolescence has become associated with product deterioration and inferior quality. Vance Packard once claimed this practice gave engineering as a whole a bad name, as it directed creative engineering energies toward short-term market ends. Philosophers such as Herbert Marcuse and Jacque Fresco have also criticized the economic and societal implications of this model. Value engineering began at General Electric Co. during World War II. Because of the war, there were shortages of skilled labour, raw materials, and component parts. Lawrence Miles, Jerry Leftow, and Harry Erlicher at G.E. looked for acceptable substitutes. They noticed that these substitutions often reduced costs, improved the product, or both. What started out as an accident of necessity was turned into a systematic process. They called their technique "value analysis". Value engineering is sometimes taught within the project management or industrial engineering body of knowledge as a technique in which the value of a system’s outputs is optimized by crafting a mix of performance (function) and costs. In most cases this practice identifies and removes unnecessary expenditures, thereby increasing the value for the manufacturer and/or their customers. VE follows a structured thought process that is based exclusively on "function", i.e. what something "does" not what it is. For example a screw driver that is being used to stir a can of paint has a "function" of mixing the contents of a paint can and not the original connotation of securing a screw into a screw-hole. In value engineering "functions" are always described in a two word abridgment consisting of an active verb and measurable noun (what is being done - the verb - and what it is being done to - the noun) and to do so in the most non-prescriptive way possible. In the screw driver and can of paint example, the most basic function would be "blend liquid" which is less prescriptive than "stir paint" which can be seen to limit the action (by stirring) and to limit the application (only considers paint). This is the basis of what value engineering refers to as "function analysis". Value engineering uses rational logic (a unique "how" - "why" questioning technique) and the analysis of function to identify relationships that increase value. It is considered a quantitative method similar to the scientific method, which focuses on hypothesis-conclusion approaches to test relationships, and operations research, which uses model building to identify predictive relationships.
Views: 19627 The Audiopedia
Value Analysis
 
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The Value Analysis Model is the standard of value measurement. A Value Analysis study answers the critical question: “What do your customers value?” Base your branding and marketing efforts on a solid foundation of optimizing your current brand and understanding what your customers value now and will value next.
Views: 3419 ThatBrandGuy.com
What is Value Engineering and its benefits ,Step/Process
 
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Dosto iss videos mai hum baat karage “Engineering Economics”ka UNIT-4 ka topic-“Value Engineering” kya hota Hai aur benefits and step/process ka bare mai discuss karegeye. Download For Notes Link-https://www.notesgen.com/note/49131/value-engineering-unit-4-engineering-economics.html To Download App For Notes-https://www.notesgen.com/user/home नमस्कार दोस्तों, आपका बहुत बहुत स्वागत है हमारे चैनल "mindmaker guruji" में, Hello friends, Welcome to "mindmaker guruji", Please SUBSCRIBE to “mindmaker guruji”. Jai Hind Jai Bharat Thanks
Views: 5087 mindmaker guruji
Value Analysis Technique  - Identify and Overcome Roadblocks
 
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Value Analysis Comparing Specified Performance (Function) with Cost Value of Current and Alternative Designs, Processes and Vendors. Finding opportunity of redesign to reduce cost value. Roadblocks prevent development of value alternatives. Roadblocks are mainly lack of information, acceptance of wrong information, and a wrong belief. The specific technique of identifying and overcoming roadblocks is another item in the kit of tools which is positively essential for the professional value engineer to learn to use effectively. Presented by Professor K.V.S.S. Narayana Rao (NITIE) Industrial Engineering knowledge Center http://nraoiekc.blogspot.com
Views: 64 Narayana Rao
Earned value analysis worked example
 
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Check out http://www.engineer4free.com for more free engineering tutorials and math lessons! Project Management Tutorial: Earned value analysis worked example.
Views: 139825 Engineer4Free
Value Chain Analysis Explained
 
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Michael Porter's Value Chain Analysis can get complicated; particularly when applying the concept to services businesses. Watch this video for a straightforward 3-step process that can help you enhance your customer's value.
Views: 150933 Soma Datta
PROCESS VALUE ANALYSIS - Part I out of II
 
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Informative video about Qualitative Analysis for Process Improvement, which has been created as a part of a university assignment at the HWR Berlin for the obtainment of Master of Business Intelligence and Process Management.-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 10 Erica Ivarsson
Value Analysis 201: The 5 Why's of Value Analysis – An Introduction
 
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Lean thinking continues to emerge and embed its ideas into our traditional ways of thinking about Value Analysis and Healthcare. In lean thinking, the thought is to ask “why” five times to get to the root cause of an issue.
Views: 191 AHRMM
21. Earned Value Analysis
 
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Earned Value Analysis (EVA) is an industry standard method of measuring a project's progress at any given point in time, forecasting its completion date and final cost, and analyzing variances in the schedule and budget as the project proceeds PLEASE REFER THE LINKS AS FOLLOW IF YOU NEED LEARN MORE: - You Can Ace Your PMP® Exam With The World’s Most Popular PMP® Video Training Course! : http://bit.ly/2AnUnGh - The PMI-ACP® Exam Simulator Features : http://bit.ly/2k7GuoW - CAPM® Exam Prep and CAPM® Exam Simulator : http://bit.ly/2Af7dWC - Free PMI-ACP® Exam Simulator : http://bit.ly/2nixIWw - The CAPM® Exam Simulator Features : http://bit.ly/2Ah2qUE - The PMP Exam is Changing in 2018 : http://bit.ly/2AmSk5f - PMP Exam Prep Essentials Overview Your Condensed PMP® Exam Prep Study Guide : http://bit.ly/2ngB8ZQ - eBook The PMP Exam Prep Essentials Study Guide : http://bit.ly/2ngB8ZQ - The PMP Exam Printable FlashCards (PDF FlashCards Only) : http://bit.ly/2ByCiTE - The PMP Exam eFlashCards (Portable eFlashCards Only) : http://bit.ly/2i3lUBQ - The PMP Exam FlashCards (eFlashCards & PDF Bundle) : http://bit.ly/2BAEuKr - PMP Exam Formula Study Guide (Free, Redacted Version) : http://bit.ly/2kbPoBU - The PM StudyCoach (For PMBOK Guide 5th Edition) : http://bit.ly/2Bnn035 - The PDU Podcast (Year 3) : http://bit.ly/2AmAY65 - Earn PDUs with The PM PrepCast : http://bit.ly/2zAXgjc - Earn PDUs with The Agile PrepCast : http://bit.ly/2Alns2n - The PM PrepCast (For PMBOK Guide 5th Edition) : http://bit.ly/2ipC5NZ - The Free Agile PrepCast : http://bit.ly/2kd0VRl - The Agile PrepCast : http://bit.ly/2nieb8w - The PDU Podcast (Year 2) : http://bit.ly/2Af9qRU - The PDU Podcast (Year 1) : http://bit.ly/2Af9ykm - The Free PM PrepCast - Sample Videos and Free PMP Exam Prep Material : http://bit.ly/2k9tBuK - The PDU Podcast (Monthly Subscription) : http://bit.ly/2ne1uLO - PMP Exam Formula Study Guide : http://bit.ly/2ALYfRU
Value Based Purchasing and Value Analysis 101 – Part 2
 
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In this three-part webcast and podcast series, Howard Mann, Vice President, Supply Chain Management at Cardiovascular Care Group discusses the basics of value analysis and value based purchasing to achieve high Cost, Quality, and Outcomes. In part two, review the importance of value analysis and supply chain's involvement. Presented by: Howard Mann, Vice President, Supply Chain Management, Cardiovascular Care Group
Views: 217 AHRMM
The essence of a Value Engineering (VE) Workshop
 
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Short explanation of the appliance of Value Engineering through a VE Workshop
Views: 8374 perryelbers
Value Analysis Techniques - Miles 4. Blast, Create, Refine
 
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It is a special technique developed by Miles. It has many benefits and advantages. First, it eliminates the current design from view so that thinking is totally different. It directs thinking to basic ways of designing. Redesign using blast, create, refine Value engineers engage in redesign whenever blast reveals considerable scope for cost reduction. If the processing cost is high compared to the basic input, a redesign of the item and its production process can be attempted. Presented by Prof. Narayana Rao K.V.S.S. Global Top Industrial Engineering Blog Industrial Engineering Knowledge Center https://nraoiekc.blogspot.com Related Videos Value Engineering - Introduction - Miles Way - Video presentation https://www.youtube.com/watch?v=BHH-QZ29EOo L.D. Miles Value engineering – value analysis techniques 1. Avoid Generalities https://www.youtube.com/watch?v=9SDZbdJ8Ouc Value Analysis Techniques - Miles 2. Get All Available Costs https://www.youtube.com/watch?v=Ui7dBIuOgTI Value Analysis Techniques - Miles - 3. Use Information from Only the Best Source https://www.youtube.com/watch?v=-oPZSgQ9R-k Value Analysis Technique 5. USE REAL CREATIVITY https://www.youtube.com/watch?v=EB0qusW6VkQ
Views: 47 Narayana Rao
Value Analysis & Value Engineering Solution for Off Highway Industry
 
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Value Analysis & Value Engineering (VAVE) Solution for Off Highway. Our G-VAVE solution helps reduce product design and manufacturing cost by optimizing product design. Geometric Portfolio for Off-Highway offerings: http://geometricglobal.com/industries/off-highway/
Views: 9526 HCL GeometricPLM
L.D. Miles Value engineering – value analysis techniques 1. Avoid Generalities
 
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General statements are like fog. The road may be clear but you can’t move forward. Value analysis is an intensive activity. One has to deal with item by item, feature by feature. Every material used has to be examined for value. Every radius, every corner, every hole in the part has to be examined for function and value. Every operation done has to be examined for function accomplished and cost. For results in value study use specific function of each cost element. Generalities that stop investigation only prevent change and protect the status quo.
Views: 68 Narayana Rao
What is Value Chain? Value Chain Definition, its Management and Analysis | AIMS Lecture
 
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Lecture: What is Value Chain? http://www.aims.education/study-online/what-is-value-chain-definition/ As per Value chain definition, it is a model that explains how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers.
Views: 154772 AIMS Education - UK
Automobile Value Analysis
 
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In this video, OC Auto Consultants performs a detailed analysis of all possible methods of obtaining the best value for your money in your automobile selection and transaction process.
Views: 167 Shahram Soroudi
A 4-Step Process for Selling to Hospital Value Analysis Committees
 
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In this video, Martin Gold discusses a 4-step process for selling medical technology to hospital Value Analysis Committees (VACs). In addition, Martin discusses and explains the five categories of value propositions he uses to develop value propositioning messaging for VACs and other hospital stakeholders.
Product by Value Analysis
 
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I have demonstrated the Product by Value Analysis using a case.
Views: 1284 Pb Venkataraman
Earned Value Analysis
 
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This video describes key concepts of Earned Value Management and use an example to illustrate key concepts
Facilitating Function Analysis
 
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Knowledge Nugget: Facilitating Function Analysis
Views: 2648 SAVE International
Product by Value
 
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Views: 323 pb venkat
Value analysis – Value Engineering - Difference
 
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What is the difference between value analysis and value engineering? L.D. Miles indicated the possibility of difference. He wrote: In achieving better value, there are two opportunity areas: 1. The identification of costs as unnecessary. 2. The decision making which will eliminate the identified unnecessary cost. Value Analysis is step 1. Value engineering is step 2 Presented by:Prof. k.V.S.S. Narayana rao industrial engineering knowledge center blog http://nraoiekc.blogspot.com.
Views: 234 Narayana Rao
Mod-4 Lec-17 Value Engineering
 
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Lecture Series on Industrial Engineering by Prof.Inderdeep Singh, Department of Mechanical and Industrial Engineering, IIT Roorkee. For more details on NPTEL visit http://nptel.iitm.ac.in
Views: 30184 nptelhrd
Value Engineering from People to Process
 
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Description
Views: 21 Clark Neft
Boundary Value Analysis and Equivalence Partitioning: Software Testing Tutorial
 
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http://www.guru99.com/equivalence-partitioning-boundary-value-analysis.html This beginner’s tutorial will introduce the concept of Testing Techniques with examples. It demonstrates use of Equivalence partitioning and Boundary value analysis. What is Boundary Testing? Boundary Testing is the process of Testing between extreme ends or Boundaries between partitions of the input values. What is Equivalent Class Partitioning? Equivalent Class Partitioning is a black box technique (code is not visible to tester) which can be applied to all levels of testing like unit, integration, system, etc. The tutorial discussed difference between Boundary Value Analysis and Equivalence Partitioning. Like, share and subscribe our channel for more videos. Enjoy Our free tutorial on our YouTube channel and our website. Watch more videos on our YouTube channel at https://www.youtube.com/channel/UC19i1XD6k88KqHlET8atqFQ READ this as a book on Amazon by viewing at http://amzn.to/2vaj1aA Visit our website for more! www.guru99.com FACEBOOK! Would you prefer to watch more about us? Like our page for more https://www.facebook.com/guru99com/ TWITTER! Tweet for us on Twitter with #guru99 and follow us on https://twitter.com/guru99com THANKS! We appreciate you reading this and hope you have a wonderful day! Sincerely, Guru99
Views: 209988 Guru99
PMBOK 6: Earned Value Management Analysis in simple language
 
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The video starts with an example. A contractor was given a project to install 50 desktop machines for a client at USD 1000 in 5 days. So the total contract is for USD 1000. The project manager analyzed and figures out that it requires USD 100 for 10 machines per day in 5 days. Estimation of USD 100 per day makes the project cost as USD 500. USD 500 is the project cost baseline. The project cost baseline has nothing to do with what the contractor is getting. These are 2 separate conversations. This is explained in a very simple language with the help of a Table. The Table contains Day 1 to Day 5 as Rows and Plan value, Actual value and Earned value as columns. On Day-1 you install 7 machines and actually spent USD 120, whereas planned was USD 100. So you can say that you have spent USD 120 against USD 100 and installed 7 machines against 10 machines. But as per the plan, you were supposed to spend USD 10 per machine. Now earned value comes into the picture. Earned value is a combination of actual quantity and planned rate. It is the terminology what is the worth of work completed against my budget. Earned value = the value of work you have done=7 *10 = USD 70 on Day1 On Day1 we actually have done the work worth USD 70 whereas we have spent USD 120 Here Planned Value =USD 100, Actual Value=USD 120 and Earned Value= USD 70. In simple language Earned value is the value of my completed work as per my cost baseline. For variance and more details please enroll in our online course at https://www.izenbridge.com/pmp/online-course/
CA Revision:Cost Reduction vs Cost Control,Pareto Analysis,Target Costing,Value Engineering
 
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Cost reduction is the process used by companies to reduce their costs and increase their profits. Depending on a company’s services or product, the strategies can vary. Every decision in the product development process affects cost. Pareto Analysis is a statistical technique in decision-making used for the selection of a limited number of tasks that produce significant overall effect. It uses the Pareto Principle (also known as the 80/20 rule) the idea that by doing 20% of the work you can generate 80% of the benefit of doing the entire job. Take quality improvement, for example, a vast majority of problems (80%) are produced by a few key causes (20%). This technique is also called the vital few and the trivial many. Target costing is an approach to determine a product’s life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price.[1] A target cost is the maximum amount of cost that can be incurred on a product, however, the firm can still earn the required profit margin from that product at a particular selling price. Target costing decomposes the target cost from product level to component level. Through this decomposition, target costing spreads the competitive pressure faced by the company to product’s designers and suppliers. Target costing consists of cost planning in the design phase of production as well as cost control throughout the resulting product life cycle. The cardinal rule of target costing is to never exceed the target cost. However, the focus of target costing is not to minimize costs, but to achieve a desired level of cost reduction determined by the target costing process. Value engineering (VE) is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. #CostManagementTechniques#PART3
Views: 907 StudyByTech
ISTQB-FL | Boundary-Value Analysis
 
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Views: 4561 نظام Nezam
Earned Value Management Formulas in  5 Minutes!
 
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PMP Exam Audio Prep: http://praizionmedia.com/praizion/?pa... Our project management courses are credit eligible for contact hours or professional development units (PDUs). Participants studying for the PMP® exam can claim the contact hours earned to satisfy PMI's eligibility requirements for the PMP® exam. Project managers seeking to maintain their PMP certification can claim the PDUs earned to satisfy PMI's Continuing Certification Requirements. Mission Statement At Praizion Media, our goal is to significantly enhance core competency in project management and equip participants with the necessary tools and skills to hit--the-ground-running in their project work. We are committed to providing clear understanding of the PMBOK® Guide, project management, project management tools, techniques and concepts to participants worldwide. With a mind-set of quality and excellence, we strive to: • Uphold the project management methodology advocated by the Project Management Institute (PMI®). • Present real world project management concepts and examples in an accessible, understandable framework. • Provide PMP® candidates with a mechanism to gauge understanding and preparedness for the PMP® exam. • Reinforce project management sensibility through targetted learning instruction.
Views: 41439 Praizion
Boundary Value Analysis In Software Testing - Test Design Technique
 
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Learn How Value Stream Mapping Applies to Any Industry or Process
 
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http://GembaAcademy.com | In this video Ron Pereira explains what value stream mapping is all about and how it can be used to map any process - manufacturing or transactional. To see more VSM and Lean Thinking training videos please visit http://GembaAcademy.com.
Views: 118027 Gemba Academy
Value Analysis Lecture by Dr Ahmed Allam
 
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Value Analysis Lecture by Dr Ahmed Allam to GCC Executive Developers January 2014.
Views: 129 Ahmed Allam
Value analysis - English Version
 
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Do you spend your time wisely on valuable things? Do you want to increase your businese value? The secret of adding value to your job is to manage your working time effectively. Value analysis can help us identify which works have to be done first./more valuable In this short video clip, we will apply value analysis to Express Delivery and take three examples, including calling B2C customers before deliverying their packages, charging disbursement fee, and failing to deliver the package right first time, hope to make everyone know more about value analysis. We put efforts on value adding works, value enabling works, and waste in our daily life. Let’s take a closer look at these 3 types of work. 1. Valua adding: Value-added work can increase the value of service or products. In addition, customers are willing to pay for those value-added work, such as delivering parcels right first time. So, we should put most efforts on this type of work. 2. Value enabling: Value enabling work doesn’t add value to the product’s or service value. However, it is required to sustain busisness under certain condition . We call this type of work “value enabling”, such as administrative affairs. 3.Waste: Activities don’t increase service value. There are 7 kinds of waste.(transportation, inventories, motion, waiting, over-production, over-processing and Defects/Rework) For example, if we fail to deliver the package first time, we should do it again and correct the defect. This is called “rework”. 3 steps to help you manage your time at work effectively by Value analysis Firstly, sort your daily works into 3 groups, including value adding, value enabling and waste. Secondly, do value enabling works efficiently and eliminate waste. Thirdly, maximize value-added works in your job. Take good advantage of value analysis and put your efforts on value adding works. You will be seen and become a valuable person!
Views: 734 Arno Chang
Product Design and Value Engineering
 
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A.T. Kearney’s Product Excellence and Renewal Lab, or PERLab, helps you take a holistic approach to product portfolio management with a focus on cost reductions and revenue improvements, giving companies a long term competitive advantage through the lifecycle of their products.
Views: 586 A.T. Kearney
Boundary Value Analysis | ISTQB-FL
 
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Views: 2472 نظام Nezam
Boundary Value Analysis(BVA) – Solved Numerical Example - Software Engineering Classes
 
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Boundary Value Analysis(BVA) – Solved Numerical Example - Software Engineering Classes in Hindi
What is Value Engineering? | Gordon Culp
 
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Engineer Gordon Culp descibes Value Engineering. http://smithculp.com
Views: 11106 Smith Culp
‘Value Add and Non-Value Add’ analysis. Process of MUDA elimination(हिंदी में सीखे) |
 
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