THE NEED FOR THE APPLICATION OF VALUE ANALYSIS AND VALUE ENGINEERING IN COST REDUCTION
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.
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:
- The organization does not have enough time to examine critically all the possible alternative materials and processes.
- The organization's inability to apply a formalized approach to the identification and elimination of unnecessary cost.
- The materials procured by the organization are very expensive.
- The purchasing function is not accorded its due recognition.
- 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
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
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TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
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”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Need for the Application of Value Analysis and Value Engineering in Cost Reduction" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
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”
Disclaimer for Complete Material Utilization
The displayed research work titled "The Need for the Application of Value Analysis and Value Engineering in Cost Reduction" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
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