Cost & Price Strategies

Value Analysis: Optimizing Outcomes

You Will Learn

• How to establish a foundation for value analysis
• How to develop analysis techniques
• What guidelines to use to evaluate programs

Course Outline

1. Introduction: Who, what, how, and why
2. History and development: How it began, Larry Miles, and current status
3. Basic terms and conditions: Value, function, product, and other definitions
4. Cost and function standards: Use, aesthetic, simple structure, and two-word compliment
5. Success profiles in utilizing value analysis
6. Value analysis job plan - systematic approach: Development of an approach, value test to utilize, steps in a job plan, information phase, functional approach, creation phase, evaluation phase, investigation phase, recommendation phase, and audit and report results
7. Overcoming roadblocks to success: Avoid generalities, get all available cost data, use only the best sources, explode items for better visibility, apply real creativity, find industry specialists, apply cost to tight specification, use existing products, look for specialty processes, and utilize applicable standards
8. Formulation of a value analysis system: Underlying criteria, steps in the process, and how to solve step concerns
9. Advance value analysis techniques: The F-A-S-T approach and functional rating approach
10. Value analysis effects in the team

Who Should Attend

Managers, buyers, and other professionals seeking to reduce costs and improve quality through a value analysis program.