value engineering
nounUK /ˈvæljuː ˌendʒɪˈnɪərɪŋ/
US /ˈvæljuː ˌendʒɪˈnɪrɪŋ/
A way to make something cost less while still working just as well.
The builders used value engineering to cut costs without making the bridge any weaker.
RELATED WORDS
OTHER MEANINGS
2. A formal method of studying a product's parts to find cheaper ways to make it without losing quality.
The team ran a value engineering study on the new toy to lower its price.
3. The practice of improving the worth of a project by balancing its cost, function, and quality.
Value engineering helped the school get more classrooms for the same money.
4. A review process used in construction and manufacturing to remove unnecessary expenses.
After value engineering, the factory saved money on materials.