• CONCEPT OF VALUE ENGINEERING
o Analyze and improve the value in a product; we must understand the functions to improve a product.
• CONCEPT OF VALUE
o Everything that a customer is willing to pay for and equals the sum of all the functions of a product divided by its cost.
• CONCEPT OF INNOVATION
o Process that involves multiple activities to uncover new ways to do things, for example, giving a whole new experience driving a car.
• INCREASE VALUE BY COMBINATIONS (Increase Functions/Decrease Cost, etc.)
o There are several ways to add value in our products, these are:
Increasing the number of functions, maintaining the same cost in the product.
Decreasing the cost of the product and making that saving also a benefit for the clients that bought the product, the value that you added for yourself you also have to share it with the people.
• HIGHER ORDER FUNCTION DEFINITION
o The HOF answers: Why people buy the product? What for?
• BASIC FUNCTION DEFINITION
o Is the function pretended by the designer.
o Must have it.
o Basic function accomplishes the primary purpose of a product.
• STAGES OF THE VALUE ENGINEERING METHODOLOGY
o Project Selection o Information o Function analysis o Creativity o Evaluation o Development o Presentation o Implementation
• LIST OF FUNCTIONS CONCEPT
o The list of functions or LAF contains all the functions that the product performs, including even the unwanted functions that it has; here we can see which functions make each component of the product we are analyzing.
• COST-FUNCTION MATRIX CONCEPT
o Matrix that contains the multiplication of a component’s cost and the percentage of importance for a particular component’s function for all components and functions of a product