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d [ 1972] proposed that value engineering is a value enhancing technique to be applied as a problem- solving system with the field of knowledge and supporting techniques for achieving the targets of lower cost without affecting the functions of. value analysis / value engineering forging case study a forging & machining company forges expensive crankshafts, machines them using conventional neat oils and cleans them with alkaline aqueous cleaners before heat treating them.
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it is applied during product development. the focus is on reducing costs, improving function or both, by way of teamwork- based product evaluation and analysis.