| Assume you are the leader of a value analysis team. Discuss how you would go about identifying value analysis opportunities. ANSWER <!– /* Font Definitions */ @font-face {font-family:”Cambria Math”; panose-1:2 4 5 3 5 4 6 3 2 4; mso-font-charset:1; mso-generic-font-family:roman; mso-font-pitch:variable; mso-font-signature:0 0 0 0 0 0;} @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-469750017 -1073732485 9 0 511 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:””; margin-top:0in; margin-right:0in; margin-bottom:8.0pt; margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} p.MsoHeader, li.MsoHeader, div.MsoHeader {mso-style-priority:99; mso-style-link:”Header Char”; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; tab-stops:center 225.65pt right 451.3pt; font-size:11.0pt; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} span.HeaderChar {mso-style-name:”Header Char”; mso-style-priority:99; mso-style-unhide:no; mso-style-locked:yes; mso-style-link:Header;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-family:”Calibri”,sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:”Times New Roman”; mso-bidi-theme-font:minor-bidi;} .MsoPapDefault {mso-style-type:export-only; margin-bottom:8.0pt; line-height:107%;} @page WordSection1 {size:595.3pt 841.9pt; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:35.4pt; mso-footer-margin:35.4pt; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} –> Value Analysis Value analysis is the process of critically evaluating all the elements of a business component, a given assembly, service or an end product. The intended outcome is to create and fulfill the desired functional activities at low possible costs. Additionally, value analysis helps review measures that can help provide quality products or services to the target clientele (Mehregany, 2018). As a leader of a value analysis team, it is essential to identify opportunities for value analysis. The first opportunity for value analysis is from departmental teams or heads of units. By evaluating the relationship between departments/ units, it will be possible to identify areas that may need improvement. Such a move will enable the team to come up with strategies of how to meet the different needs of units and, consequently, the overall need of the organization (Yang, Vladimirova & Evans, 2017). Besides the needs of units, another way to identify value analysis opportunities is by looking at market trends. In most cases, the market will dictate what organizations have to do to remain competitive. If the trends dictate that there is a need to innovate, that will provide an excellent opportunity for the team to come up with innovative ideas meant to address the demands of the target market (Yassine & Chelst, 2018). If the market shows that a new product is desirable, it will be time for the team to put in practice measures for producing new items. Other than internal needs and that of customers, another opportunity that will necessitate value analysis is the existing competitors or entry of a new competitor. As a value analysis team, research and development measures is vital. If competitors come up with individual mechanisms to be competitive, it presents a value analysis team an opportunity to derive countermeasures for them to remain more competitive. References Mehregany, M. (2018). Identifying, Qualifying, and Financing Opportunities. In Innovation for Engineers (pp. 73-97). Springer, Cham. Yang, M., Vladimirova, D., & Evans, S. (2017). Creating and Capturing Value Through Sustainability: The Sustainable Value Analysis Tool A new tool helps companies discover opportunities to create and capture value through sustainability. Research-Technology Management, 60(3), 30-39. Yassine, A., & Chelst, K. (2018). Opportunities for Decision Analysis in Engineering Management♦. IEEE Engineering Management Review, 46(2), 151-161. |
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