Examination of the function of purchased parts or materials in an effort to reduce costs and/or improve performance is called:

Question

Quizplus · Accepted Answer

Value analysis involves examining the function of purchased parts or materials in order to identify opportunities to reduce costs and/or improve performance. Vendor analysis, negotiated purchasing, vendor relations, and vendor assessment are related concepts, but they do not specifically involve analyzing the function of purchased parts or materials.

Examination of the Function of Purchased Parts or Materials in an Effort