Value Analysis is conducted for increasing the efficiency and effectiveness of a various process for the manufacturing of products or services. The method of value analysis involves breaking down of the certain process into a tiny process and then finding a way to manage single component with maximum efficiency.
One of the main advantage of using value analysis is the factor of reducing cost. As the main process is sub decided into separate components it is possible to analyses each small component separately. This can help in evaluating the efficiency and effectiveness of each component which altogether improves the economical factors of the process. A process can be analyses through value analysis and found out whether its worth the value and if not it can be eliminated.
The value analysis process also can identify the part of a long process which is outdated and can be replaced by a modern alternative. This can help in reducing the time of production and decrease in cost due to minimal resources. However, there might be problems facing due to a reduction in workforce in certain areas which needs to be addressed properly.
Through value analysis, it is possible to find out the flaws associated with a design which can be rectified. It also helps in finding out the problem of malfunctioning of the product during operation by careful analysis of a sub process. Through value analysis, it is possible to reduce the complaints obtained for products and services which will become critical otherwise.