Value engineeringValue 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.
DesignA design is the concept or proposal for an object, process, or system. The word design refers to something that is or has been intentionally created by a thinking agent, and is sometimes used to refer to the inherent nature of something – its design. The verb to design expresses the process of developing a design. In some cases, the direct construction of an object without an explicit prior plan may also be considered to be a design, such as in arts and crafts.
Product (business)In marketing and economics, a product is any object, service, or system offered to a market to satisfy a customer’s need or want. Products may be tangible, such as physical goods that can be touched and owned, or intangible, such as services, digital currency products offerings, or rights that provide value without physical form.
KISS principleKISS ("Keep it simple, stupid") is a design principle first noted by the U.S. Navy in 1960. First seen partly in American English by at least 1938, KISS implies that simplicity should be a design goal. The phrase has been associated with aircraft engineer Kelly Johnson. The term "KISS principle" was in popular use by 1970.
Margin of errorThe margin of error is a statistic expressing the amount of random sampling error in the results of a survey. The larger the margin of error, the less confidence one should have that a poll result would reflect the result of a simultaneous census of the entire population. The margin of error will be positive whenever a population is incompletely sampled and the outcome measure has positive variance, which is to say, whenever the measure varies.Worse is better"Worse is better" or the "New Jersey style" is a term coined by Richard P. Gabriel in a 1989 essay to describe the dynamics of software acceptance and the frequency with which "worse" designs seem to outcompete better ones. The essay argues simple, hacked-together software that makes it to market first will often outcompete better and more elegant designs.
Single point of failureA single point of failure (SPOF) is a part of a system that would stop the entire system from working if it were to fail. The term single point of failure implies that there is no backup or redundant option that would enable the system to continue to function without it. SPOFs are undesirable in any system with a goal of high availability or reliability, be it a business practice, software application, or other industrial system.
NASAAmerican space and aeronautics agencyThe National Aeronautics and Space Administration (NASA; ) is an independent agency of the U.S. federal government responsible for the United States' civil space program, as well as research in aeronautics and space. Headquartered in Washington, D.C., NASA operates ten field centers across the US and is organized into three mission directorates: Human Spaceflight, Research and Technology, and Science.
Mercedes-BenzMercedes-Benz (German pronunciation:), commonly referred to simply as Mercedes and occasionally as Benz, is a German luxury automotive brand that was founded in 1926. Mercedes-Benz AG (a subsidiary of the Mercedes-Benz Group, established in 2019) is based in Stuttgart, Baden-Württemberg, Germany. Mercedes-Benz AG manufactures luxury vehicles and light commercial vehicles, all branded under the Mercedes-Benz name.
MinimalismMovement in various forms of art and designMinimalism is an art movement that emphasizes reducing art to its essentials, focusing on the object itself and the viewer's experience, with as little mediation from the artist as possible. It emerged in the post-World War II era in Western art, and is often interpreted as a reaction to abstract expressionism and modernism.Solution sellingSolution selling is a type and style of sales and selling methodology. Solution selling has a salesperson or sales team use a sales process that is a problem-led (rather than product-led) approach to determine if and how a change in a product could bring specific improvements that are desired by the customer. The term "solution" implies that the proposed new product produces improved outcomes and successfully resolves the customer problem.*As an Amazon Associate I earn from qualifying purchases.