project management glossary
value analysis
An activity devoted to optimizing cost performance. It is the systematic
use of techniques which identify the required functions of an item, establish
values for those functions and provide the functions at the lowest overall cost
without loss of performance (optimum overall cost).
See also Value Management.
value engineering
An organized effort to analyze the functions of systems, equipment,
facilities, services, and supplies for the purpose of achieving the essential
functions at the lowest life cycle cost consistent with required performance,
reliability, quality, and safety.
The structured approach to optimizing project value through examination of
the project's design. It is concerned with optimizing the design, engineering
and configuration aspects of value.
A technique for analyzing qualitative and quantitative costs and benefits
of component parts of a proposed system.
See also Value Management.
value enhancing project strategies
Strategies designed to add value to the project deliverable by improving
cost effectiveness or features or functionality, often accomplished as part of
Value Management.
