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Scope:
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OMB Circular A-131 defines VE as “a systematic process of reviewing and analyzing the
requirements, functions, and elements of systems, project, equipment, facilities, services, and
supplies for the purpose of achieving the essential functions at the lowest life-cycle cost consistent
with required levels of performance, reliability, quality, or safety” (page 3).1 Typically,
implementing the VE process increases performance, reliability, quality, safety, durability,
effectiveness, or other desirable characteristics. VE is also known by terms such as value analysis,
value management, value planning, value assurance, value control, and value improvement. Some
of these terms were coined to minimize confusion surrounding the word “engineering,” as one does
not have to be an engineer to apply VE
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