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The Need for the Application of Value Analysis and Value Engineering in Cost Reduction

The Need for the Application of Value Analysis and Value Engineering in Cost Reduction

Project / Seminar Material
Reference ID: PS-4584-TM

DEDICATION

This research material titled “The Need for the Application of Value Analysis and Value Engineering in Cost Reduction” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Purchasing and Supply (PS), Book Authors and Profound Scholars of existing or related project material on “The Need for the Application of Value Analysis and Value Engineering in Cost Reduction” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”

    ABSTRACT

    This project work was chosen in order to determine The Need for the Application of Value Analysis and Value Engineering in Cost Reduction. It will x-ray the gains, benefits and contributions of value analysis and value Engineering in Bottling industries with special reference to Nigerian Bottling Company Owerri.

    The topic in question will reveal the methods by which value analysis and value engineering techniques can be applied as well as the contribution of other functional departments in the application of value analysis and value engineering.

    It will also identify the factors that are responsible for unnecessary cost of products and the reasons why value analysis programme fail some times.

    The Need for the Application of Value Analysis and Value Engineering in Cost Reduction

    CHAPTER ONE

    Introduction

    1.1 Background of the Study

    Value analysis as an organized study of the function of materials, parts and components involves the critical examination of goods or products, which is aimed at improving its efficiency in use by changes in design, production technique, packaging and other related process whereas value engineering represents the application of value analysis at the preproduction stage. It is purely concerned more of cost-avoidance while value analysis is concerned more of cost-correction.

    Value analysis is an organized procedure for the efficient identification of unnecessary cost by analysis of the function i.e. (the property of the product which makes it work or sell). The essence of value analysis, therefore, is first to identify the function of the product and then to examine alternative ways in which this function can be achieved, choosing that which involves the least cost. Value analysis is probably the greatest cost-saving technique used in industries today. It represents a powerful set of tools which can be used by management in controlling material costs. The fundamental objective of value analysis activities is the procurement of materials representing the “Best Buy” in terms of function to be performed.

    The general idea behind this is the issue of quality and cost. The main objective of every organization is to make profit, just as a product is purchased to satisfy a particular purpose. For this reasons, it becomes important to correct or even avoid those unnecessary cost elements in a production design. This in essence stimulated the researchers interest most to carryout this research.

    1.2 Statement of Problem

    Nigeria as a nation is blessed with so many industries whose services the nation cannot do without. These industries are charged with the responsibilities of providing goods and services of high quality standard at a reduced and affordable price for the citizens. Materials in this respect become so vital that no results could be achieved without good procurement procedure. This is essentially as a result of the fact that purchased materials contribute very tremendously to companies profit and profitability. Apparently this stems very sufficiently as a result of lack of recognition being accorded purchasing function by most of these companies.

    It is a material fact that a company that buy wisely and economical profits well and therefore less vulnerable to economical doom. Succinctly put by O.K. Oyeoku that “when people put break on improvements in purchasing, they put limit to profitability.

    The researcher associates part of the problems with:

    1. The organization does not have enough time to examine critically all the possible alternative materials and processes.
    2. The organization's inability to apply a formalized approach to the identification and elimination of unnecessary cost.
    3. The materials procured by the organization are very expensive.
    4. The purchasing function is not accorded its due recognition.
    5. The organization does not have the skills to consider the technical and commercial aspect of conducting a value analysis programme.
    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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