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Value engineering (VE) is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The term "value manage... View skill details

Value-stream mapping is a lean-management method for analyzing the current state and designing a future state for the series of events that take a product or service from its beginning through to the customer with reduced lean wastes as compared to current map. A value stream focuses on areas of a firm that add value to a product or service, whereas a value chain refers to all of the activities within a company. At Toyota, it is known as "materia... View skill details

Analysis of variance (ANOVA) is a collection of statistical models and their associated estimation procedures (such as the "variation" among and between groups) used to analyze the differences among group means in a sample. ANOVA was developed by statistician and evolutionary biologist Ronald Fisher. The ANOVA is based on the law of total variance, where the observed variance in a particular variable is partitioned into components attributable to... View skill details