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The concept of Value Engineering (VE) first evolved in the 1940s at General Electric, in the midst of World War II, and has gained considerable traction ever since. VE has been applied successfully in diverse industries to derive optimum value for initial and long-term investments. Earlier, a huge amount of work was done in the application of VE principles in various areas such as new product development across domains. In addition, it is common practice to carry out commercial engineering for large IT and digital transformation programs.
The application of VE principles in the engineering industry is fundamentally built on the premise of focusing on excellence in the product’s/service’s primary functions rather than auxiliary functions. This paper describes derivation of the VE principles from application-based benefits in the OT (Operational Technology) world. It also discusses couple of methods to conduct VE exercise in OT area.
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