Abstract

Value Analysis/Value Engineering is a systematic and organized procedural decision-making process. It has been used in almost any kind of application. It helps people creatively generate alternatives to secure essential functions at the greatest worth as opposed to costs. This is referred to as value. It is also known as Value Analysis, Value Management, Value Planning, and a host of other names. As organization seeks to maximize profitability, they have utilized various business strategies and techniques to ensure that this objective is realized. With the current competitive and fast pace dynamic environment, every organization strive to maintain it customers based, and also gain competitive advantage over its competitors by providing goods that are of value to the customers. Value according to Miles (1989) is the lowest possible price that can be paid for to provide a reliable function or services. Over the world, there is always a need to provide goods that are of values and also capture the attention of the customers, and Nigeria is not an exception. Organization can do this by revisiting the product designs of products offered to the market. So there is a need for value engineering as a management tool that aims at providing an improved product design that will not reduce the value derived by the customers.