What Is Value Analysis and Value Engineering? What Is Its

question 21

Essay

What is value analysis and value engineering? What is its role in the lean philosophy?

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Definitions:

Ratios

Expresses the quantitative relationship between two numbers, showing how many times one value contains or is contained within the other.

Univariate Data

Data consisting of observations on only a single characteristic or attribute.

Single Variable

Pertaining to equations, functions, and data that involve only one variable and do not require the interaction or relationship with any other variables for their resolution.

Multivariate Data

Data involving two or more variables that are analyzed together to understand relationships and patterns among them.