As discussed in our January 2013 column, Value Analysis Value Engineering is a formal problem-solving process that can help improve productivity and value. While it has benefits as a tactical tool in a Lean manufacturing toolbox, it is even more powerful when used strategically. VAVE has several benefits from a strategic standpoint. When implemented early in the product development lifecycle, it can become a scheduled part of the product lifecycle roadmap, driving down cost and mitigating obsolescence risk as the product enters each new phase of its lifecycle. A good VAVE strategy creates a series of cost-reduction ladders that unlock value at specific points in time, similar to the way bond ladders spread risk and optimize returns by sequencing redemption at set points in time. Most important, this ensures a proactive focus that minimizes the likelihood or impact of supply-chain interruption.
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