What is the first step in value engineering?
A)an analysis of the value-chain activities.
B)developing a product that satisfies the needs of potential customers.
C)choosing a target price based on customers' perceived value for the product and the competitors' prices.
D)reducing costs while satisfying customer needs.

Question

Quizplus · Accepted Answer

The first step in value engineering is an analysis of the value-chain activities to identify areas where costs can be reduced and value can be added. This helps in identifying the key activities that drive costs and identifying areas where changes can be made to reduce costs while maintaining or enhancing the value of the product or service. Once the analysis is complete, potential changes can be evaluated to determine their impact on costs and value.

What Is the First Step in Value Engineering