Integral approach to risk analysis and value engineering

Abstract

Value analysis and engineering, on one hand, and risk analysis, on the other, are two very significant approaches whose application is widely accepted in various scientific fields. This paper will highlight the possibilities of combining the two methodologies for a more comprehensive approach to solving business problems. Considering the concepts and principles on which these approaches are based, it is possible to integrate them during project implementation. The broad possibilities of combining the methods of these two fields will be illustrated by the combination of the FAST and FMEA methods, where it is shown how, with a slight increase in time, the benefits of both of these methods can be achieved, with an example from an automotive industry, in particular, the example of a car door handle.

Keywords

• value engineering
• risk analysis
• fast method
• fmea method