The Value Methodology (VM) is a systematic and structured approach for improving projects, products, and processes. VM, which is also known as value engineering or value analysis, is used to analyze and improve manufacturing products and processes, design and construction projects, and business and administrative processes.
VM helps achieve an optimum balance between function, performance, quality, safety, and cost. The proper balance results in the maximum value for the project.
An interview with Larry Miles, founder of Value Analysis. He provides the history and background of the development of Value Analysis methodology during the period from the early 1940s to 1957. It introduces Roy E Fountain, who was Larry's Advanced Value Research person in General Electric. It also introduces J.K. (Dusty) Fowlkes, who served under Larry for Specialty Materials and Processes.
Imagine you’re on a game show and you can choose between two prizes: a diamond … or a bottle of water. It’s an easy choice – the diamonds are more valuable. But if given the same choice when you were dehydrated in the desert, after wandering for days, would you choose differently? Why? Aren’t diamonds still more valuable? Akshita Agarwal explains the paradox of value.
Lesson by Akshita Agarwal, animation by Qa'ed Mai.