How
The goal of Value Engineering is to improve the ratio between Value and Cost. We do that by having a good look at:
What is the problem of the customer and the appropriate performance level.
What is the function that needs to be fulfilled and what is the functional value, along with the buying criteria.
What are the alternative possibilities to fullfil the functions?
If one thinks about solutions to quickly, this may not always lead to optimal solutions. Often because the problem is not well understood or analysed.
For example: I want from A to B, with reasonable speed, and I carry lugage.
Combining ideas in a fast way and assuming what's good for the customer, this may lead to:
Very nice, but does it sell???
Value Engineering is a toolbox with methods that serve to improve existing products w.r.t. Value/Cost ratio, and also optimize the success of new products on the market and for your company in terms of profitability.