Triple bottom line performance of manufacturing Industry: A value engineering approach

Abstract

Circular economy is a growing area of research because it replaces the end-of-life concept and works towards cleaner production and sustainable development. Similarly, value engineering is a strategy for exploring non-valued added costs and performance of the entire product development process. In these regards, study proposes a value engineering methodology that integrates circular economy concepts to fulfill sustainable product development objectives. The article aims to implement value engineering and circular economy concepts and develop a cost-effective product with reduced power consumption, CO2 emissions and minimum wastage of raw material. The study reveals that product development costs were reduced by up to 23.91% and productivity of barrels per day increased by around 150%. Also, power consumption is reduced by 100 KVA, CO2 emissions by 1825.91 tons/year, water consumption by 96% and total electricity requirement are reduced to 25%. These results may improve social, economic and environmental performance of the organizations. The proposed methodology is applied in a case study of ABC barrel manufacturing organization with circular economy perspective. More studies may be carried out to generalize the findings of the proposed case study. However, these findings may be useful for researchers and industrialists in implementing value engineering and circular economy effectively.