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Value Engineering
Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The term "value management" is sometimes used as a synonym of "value engineering", and both promote the planning and delivery of projects with improved performance The reasoning behind value engineering is as follows: if marketers expect a product to become practically or stylistically obsolete within a specific length of time, they can design it to only last for that specific lifetime. The products could be built with higher-grade components, but with value engineering they ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Screwdriver
A screwdriver is a tool, manual or powered, used for turning screws. A typical simple screwdriver has a handle and a shaft, ending in a tip the user puts into the screw head before turning the handle. This form of the screwdriver has been replaced in many workplaces and homes with a more modern and versatile tool, a power drill, as they are quicker, easier, and can also drill holes. The shaft is usually made of tough steel to resist bending or twisting. The tip may be hardened to resist wear, treated with a dark tip coating for improved visual contrast between tip and screw—or ridged or treated for additional 'grip'. Handles are typically wood, metal, or plastic and usually hexagonal, square, or oval in cross-section to improve grip and prevent the tool from rolling when set down. Some manual screwdrivers have interchangeable tips that fit into a socket on the end of the shaft and are held in mechanically or magnetically. These often have a hollow handle that contains various t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Engineering
Industrial engineering is an engineering profession that is concerned with the optimization of complex process (engineering), processes, systems, or organizations by developing, improving and implementing integrated systems of people, money, knowledge, information and equipment. Industrial engineering is central to manufacturing operations. Industrial engineers use specialized knowledge and skills in the mathematical, physical and social sciences, together with the principles and methods of engineering analysis and design, to specify, predict, and evaluate the results obtained from systems and processes.Salvendy, Gabriel. Handbook of Industrial Engineering. John Wiley & Sons, Inc; 3rd edition p. 5 There are several industrial engineering principles followed in the manufacturing industry to ensure the effective flow of the systems, processes and operations. This includes Lean Manufacturing, Six Sigma, Information Systems, Process Capability and Define, Measure, Analyze, Improve a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Theory
In ethics and the social sciences, value theory involves various approaches that examine how, why, and to what degree humans value things and whether the object or subject of valuing is a person, idea, object, or anything else. Within philosophy, it is also known as ethics or axiology. Traditionally, philosophical investigations in value theory have sought to understand the concept of "the good". Today, some work in value theory has trended more towards empirical sciences, recording what people do value and attempting to understand why they value it in the context of psychology, sociology, and economics. In ecological economics, value theory is separated into two types: donor-type value and receiver-type value. Ecological economists tend to believe that 'real wealth' needs an accrual-determined value as a measure of what things were needed to make an item or generate a service ( H. T. Odum, ''Environmental Accounting: Emergy and environmental decision-making'', 1996). In othe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Overengineering
Overengineering (or over-engineering), is the act of designing a product or providing a solution to a problem in an elaborate or complicated manner, where a simpler solution can be demonstrated to exist with the same efficiency and effectiveness as that of the original design. Overengineering is often identified with design changes that increase a factor of safety, add functionality, or overcome perceived design flaws that most users would accept. It can be desirable when safety or performance is critical (e.g. in aerospace vehicles and luxury road vehicles), or when extremely broad functionality is required (e.g. diagnostic and medical tools, power users of products), but it is generally criticized in terms of value engineering as wasteful of resources such as materials, time and money. As a design philosophy, it is the opposite of the minimalist ethos of ''" less is more"'' (or: “''worse is better''”) and a disobedience of the KISS principle. Overengineering generally occur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muntzing
Muntzing is the practice and technique of reducing the components inside an electronic appliance to the minimum required for it to function. The term is named after the man who invented it, Earl "Madman" Muntz, a car and electronics salesman who was also a self-taught electrical engineer. In the 1940s and 1950s, television receivers were very complex pieces of equipment, often containing upwards of 30 vacuum tubes, as well as transformers, rheostats, and other heavy electronics. The consequent high price limited their potential for high-volume sales. Muntz determined, through trial and error, that he could remove a significant number of parts and still end up with a monochrome TV that worked very well in urban areas, close to transmission towers. He carried a pair of wire clippers around and when he felt that one of his builders was overengineering a circuit, he would begin snipping components out. When the TV stopped functioning, he would reinsert the last part and leave the TV as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 15686
ISO 15686 is the in development ISO standard dealing with service life planning. It is a decision process which addresses the development of the service life of a building component, building or other constructed work like a bridge or tunnel. Its approach is to ensure a proposed design life has a structured response in establishing its service life normally from a reference or estimated service life framework. Then in turn secure a life-cycle cost profile (or Whole-life cost when called for) whilst addressing environmental factors like life cycle assessment and service life care and end of life considerations including obsolescence and embodied energy recovery. Service life planning is increasingly being linked with sustainable development and wholelife value. The objective of service life planning is to provide reasonable assurance that the estimated service life of a new building on a specific site, with planned maintenance, will be at least as long as the design. Ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Engineering
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (i.e. Texas, Canada), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling". Overview One key objective of cost eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benefits Realisation Management
Benefits Realization Management (BRM) (also benefits management, benefits realisation or project benefits management) is one of the many ways of managing how time and resources are invested into making desirable changes. Benefits Realization Management has four main definitions. The first definition is to consider benefits management as an organisational change process. It is defined as "the process of organizing and managing, such that the potential benefits arising from the use of IT are actually realized". The second definition perceives it as a process. Benefits management is defined by the Association for Project Management (APM) as the identification, definition, planning, tracking and realization of business benefits. The third definition is to apply this concept on project management level. Project benefits management is defined as "the initiating, planning, organizing, executing, controlling, transitioning and supporting of change in the organisation and its consequences as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grenfell Tower Fire
On 14 June 2017, a high-rise fire broke out in the 24-storey Grenfell Tower block of flats in North Kensington, West London, at 00:54 BST and burned for 60 hours. 72 people died, two later in hospital, with more than 70 injured and 223 escaping. It was the deadliest structural fire in the United Kingdom since the 1988 ''Piper Alpha'' oil-platform disaster and the worst UK residential fire since World War II. The fire was started by an electrical fault in a refrigerator on the fourth floor. This spread rapidly up the building's exterior, bringing flame and smoke to all residential floors, accelerated by dangerously combustible aluminium composite cladding and external insulation, with an air gap between them enabling the stack effect. The fire was declared a major incident with more than 250 London Fire Brigade firefighters and 70 fire engines from stations across London involved in efforts to control the fire and rescue residents. More than 100 London Ambulance Service crews ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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