The main benefits or advantages of value engineering can be highlighted as follows:
1. Cost Reduction
Value engineering helps to reduce the cost of production without reducing the quality of the product.
2. Improved Quality
It helps to improve product quality and design to attract more customers.
3. Customers' Satisfaction
It helps to increase customers' satisfaction by fulfilling their expectations and needs without increasing the cost.
4. Simplify The Process
Value engineering simplifies the production process by eliminating unnecessary functions.
5. Higher Profit
Business firm can make more profit because of lower production cost and higher sales volume.
It promotes proper utilization of resources to enhance production process.
7. Modernizing
Value engineering focuses on modern, cheaper and efficient techniques and approaches to improve the productivity.
8. Standardization
It gives emphasize on the standardization of firms' products and services.
