History has shown us that cultural diversity can be a fruitful source of innovation and adaptation. The travelers along the great trade routes via land and sea led to the exchange of learning and ideas. Globalization is not a recent phenomenon. It has been going on for centuries, and as a result…
Lawrence D. Miles The initial concept of functions as defined herein was invented by Lawrence D. Miles as World War II conflict was coming to an end, while he was working as a purchasing agent for the General Electric Company. Since materials required for the war effort were in short supply for…
After participating in a function analysis, even experienced team members who have worked on the same project for years may discover a new understanding of the project for which they are responsible. The wonderful aspect of this “new” understanding is that it is a common understanding among all…
In essence, FAST is a method of stimulating organized thinking about any subject by asking thought-provoking questions. In these questions, the subject is expressed by a verb and a noun together with an occasional modifier. In Value Engineering terms, this verb and noun combination is called a…
Understanding the functions of the function analysis phase is essential for any successful Value Engineering study. This phase breaks down a project into its core elements to identify areas ripe for improvement. Here are the five primary functions that drive this process: Identify Opportunity…
When we go to the store, do we buy things or do we buy what those things will do for us. Of course, we buy what something does for us and how well it does what we want it to do. That includes performance, quality, and selling features like attractiveness, taste, feel, or smell. Finally, we also…
Defining Life Cycle Cost (LCC) The life cycle cost (LCC) of any equipment represents the total “lifetime” cost of ownership. Specifically, this includes the expenses required to purchase, install, operate, maintain, and dispose of that asset. To determine the LCC, analysts follow a rigorous…
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