Marketing
Value Analysis
Definition of
Value analysis is a process of systematically evaluating the components of a product, service, or process to identify opportunities for improving its value, while reducing its cost. The objective of value analysis is to maximize the value of a product or service by minimizing its cost without compromising on its quality or performance. Value analysis is a critical component of any business strategy, as it enables organizations to identify areas where they can reduce costs, improve performance, and increase customer satisfaction. For example, a company can use value analysis to identify which components of a product are contributing the most to its cost, and then explore ways to reduce those costs without affecting the product's functionality or quality.
