International Journal of Research and Innovations in Science and Technology

♦ Call for Papers   No Publication Charges Join IJRIST in Linkdin

www.berkana-salon.kiev.ua/
designprof.com.ua/
kvartiraarenda.com/

Cost Reduction Analysis through Value Engineering of Furniture Product in Furniture Industry – A Case Study

Author(s) : Meghraj, Venugopal Sharma, Rajesh kumar

Volume & Issue : VOLUME 3 / 2016 , ISSUE 2

Page(s) : 11-19
ISSN (Online): 2394-3858
ISSN (Print) : 2394-3866

Abstract

The Value Engineering process and procedures are generally well defined and well-understood at all levels in the industry. Value Engineering is recognized as an effective tool to improve the performance of a product with reduction in cost without reducing in quality. . A proper decision matrix is prepared for choosing the appropriate alternative from the feasible choices available. The total saving which can be incurred per product by the implementation of above recommendations are 14.87 % for alternative-I and 27.44 % for alternative-II. Change in Technology and Globalization can rapidly increase which creates huge demand but not necessary for the same types product at the same price tags. These forcing companies think differently and look at their cost and create product to meet needs of market and trends.



Keywords

Value Engineering, Industry, Performance, Decision Matrix.

References

  1. Apurva J Chavan, “Value Engineering In Construction Industry”, International Journal of Application or Innovation in Engineering & Management (IJAIEM), Volume 2, Issue 12, December 2013, ISSN 2319 – 4847.
  2. Amruta Chougule, A. K. Gupta and Sneha Patil, “Application of Value Engineering Technique to A Residential Building –Case Study”, International Journal of Innovative Research in Advanced Engineering (IJIRAE), Volume 1, Issue 12, December 2014, ISSN: 2349-2163.
  3. Prem Singh and Jagdeep Singh, “Application of Value Engineering on Chassis Component for HCV — A Case Study”, International Journal of Knowledge Engineering, Vol. 2, No. 1, March 2016.
  4. Chougule Mahadeo Annappa and Kallurkar Shrikant Panditrao, “Application of Value Engineering For Cost Reduction – A Case Study of Universal Testing Machine”, International Journal of Advances in Engineering & Technology, Vol. 4, Issue 1, pp. 618-629, July 2012, ISSN: 2231-1963.
  5. Habibollah Najafi, Amir Abbas Yazdani and Hosseinali Nahavandi, “  Value Engineering and Its Effect In Reduction of Industrial Organization Energy Expenses”, International Scholarly and Scientific Research & Innovation, Volume 4, Issue 2, PP 68-74, 2010.
  6. K. Ilayaraja and MD. Zafar Eqyaabal, “Value Engineering in Construction”, Indian Journal of Science and Technology, Volume 8, Issue 32, November 2015, ISSN (Print): 0974-6846.
  7. A. Mostafaeipour, M. Mortazavi and N.Sadra-Abarghouei, “Implementation of Value Engineering for strategy formulation - Case study: Fisheries sector”, Iranian Journal of Fisheries Sciences, Volume 10 Issue 4, PP:689-707, 2011.
  8. Nayana Tom and V. Gowrisankar, “Value Engineering in Residential House Construction”, Volume 6, Issue 6, PP. 46-52, June 2015, ISSN 0976 – 6308 (Print).