Value analysis is an established technique that aims to identify, quantify and rectify weaknesses in products and processes by providing a set of functions at minimum cost. An eight-step process called the ‘job plan’ implements the theory. ‘Value methods’ are widely applied and have evolved with the changing competitive environment over the past 50 years. The definition of value and function analysis are two concepts around which original value analysis was built. This paper assesses the state of the art in value analysis in the context of modern product development. The findings from this analysis are then extrapolated to identify future enhancements to this already powerful technique.
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