value engineering
Cheapening through redesign
Value engineering is a systematic method for improving the value of a product or project by analyzing its functions and finding ways to achieve them at lower cost.
Originally developed for manufacturing, it now applies to construction, software, and other fields.
The term sometimes carries a negative connotation, implying that quality or features have been sacrificed to cut costs: They value-engineered the design until it was barely functional.
- cost reductionDecreasing expenditure amounts
- cut cornersReduce effort or cost improperly
- bottom lineEssential point or conclusion
- bang for buckReturn on investment
- automationSelf-operating system design
lifecycle · SWOT analysis · trade-off · cost-benefit analysis · process improvement · operational efficiency · resource allocation · procurement · streamlining · risk assessment · cost estimation · eliminate · teardown · economies of scale · standardize · simplify · blueprint · redesign