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To face the new business challenges, Companies have to increasingly depend upon the implementation of better management practices. The Practices, which are adopted by them so far for achieving their position in the economy, will need to be reoriented. Business organizations have now to look for innovative ways to cut costs, improved quality and have more customers’ orientation. In this perspective, when the directorial concepts are value and satisfaction. The role of value engineering as cost reduction and control technique becomes vital for an organization.
The present paper discusses in detail value analysis/value engineering, as an important tool for reducing the cost. The paper takes an overview of importance of cost reduction and the link between cost reduction and value analysis.The study further takes up the necessity of value engineering in today’s scenario and tells when to apply. In the end of the paper also explains the approach and methodology of engineering. Few examples of corporates have also been provided that have achieved cost reduction by adopting and implementation technique of VE. Value Engineering is an organized/systematic approach directed at analyzing the function.