Value Analysis-Value Engineering (VA-VE) is over half a century old! The concept evolved, during the ‘40s, as a ‘creative problem-solving system, implemented by the use of a specific set of techniques, a body of knowledge and a group of learned skills’.
The practice of VA-VE Team Approach spread ‘like wild fire’ and by the ‘70s, emerged as a systematic Value Management (VM) Methodology, achieving larger and quicker value-gains for many an organisation across the world, including India. What is refreshing about it now is its lasting strategic value for sustained organisational renewal – in the fiercely competitive market place, as we step into the 21st century.
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Source: Dr. R.V. GOPALAKRISHNAN