Cost Reduction Analysis through Value Engineering of Furniture Product in Furniture Industry – A Case StudyAuthor(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
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.
Value Engineering, Industry, Performance, Decision Matrix.
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