Abstract
The value analysis is a well-known and widely used multi-criteria group decision-making procedure that not only looks for the cheapest, or not only the better, but also satisfies the desired and necessary needs at the lowest cost. Covering all important details of the project (product, service, procedure, process), the so-called multidisciplinary team of internal and/or external experts works together with the consultant. Value analysis identifies project functions and focuses on the most impactful intervention points. It then explores alternative solutions and creates optimal solutions for functions to cost-effectively satisfy and/or increase performance. Value analysis is now used by almost every large company in the world and is widespread in all industries. According to expert estimates, around 50,000 value analysis projects are carried out in Europe every year. Based on the provisions of the EN 12.973:2000 Value Management Standard in Hungary, the Public Procurement Act recommends the contracting authority require the tenderer to apply the method. This review paper reviews the process of the formation and development of value analysis, its fields of application in international comparison, the main methodological frameworks, its current challenges, and new opportunities.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
