Before to discuss What is Value Analysis, let’s focus on the definition of value to provide a better understanding. Value is a subjective term that can be defined from different points of view. From a supplier’s perspective, value is directly related to the cost and function of a product while it may refer to various different meanings from a customer’s point of view. Because products and processes have multiple stakeholders that are related to multiple needs.
The starting point of value definition is the gathering of information. Before to perform the value analysis, you should know the scope of the project, product or service well. Then think about the value of the review from each stakeholder’s point of view. Asking some questions will be helpful to determine their needs.