Samyak S. Gangurde

Research scholar, Institute of Management Research and Technology (Affiliated to Savitribai Phule Pune University, Pune), Nasik, Maharashtra, India.

Sanjaykumar R. Gangurde

Ex-Professor (Production Engineering), Narayan Nagar, Rasbihari-MERI link Road, Nashik - 422 003, (MS)

Abstract

Value analysis is an effective problem-solving technique to analyse functions of a product with minimizing the cost related to particular function. In value analysis; job plan technique generally used not only for reduction in the cost but also improving the value of the product. The various phases of these techniques are orientation, information, function, creation, evaluation, investigation and implementation phase. After brainstorming in the creation phase, number of new ideas are generated to improve the value of the product. All these ideas are to be evaluated on different criteria and to select the best idea among the several. In this paper, a scientific approach is suggested to evaluate the idea generated during value analysis process using multi-criteria decision-making methods.

Keywords- Value analysis, Job plan technique, Multi-Criteria Decision-Making methods