What Is the First Step in Value Engineering

question 12

Multiple Choice

What is the first step in value engineering?

• A)an analysis of the value-chain activities.
• B)developing a product that satisfies the needs of potential customers.
• C)choosing a target price based on customers' perceived value for the product and the competitors' prices.
• D)reducing costs while satisfying customer needs.

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Definitions:

Third-party Involvement

Third-party involvement indicates the participation or interference of an external entity in a negotiation, conflict, or decision-making process, usually aiming to facilitate an agreement or resolution.

Intense Emotions

Strong feelings that are deeply felt and can significantly impact behavior and decision-making.

Negotiator Satisfaction

The extent to which a negotiator feels their goals or desired outcomes were met in a negotiation.

Third-party Intervention

The involvement of an external party in a conflict or negotiation to help mediate or resolve differences.