Meaning of “value engineering” in the English Dictionary

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"value engineering" in Business English

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value engineeringnoun [ U ]

uk us also value analysis [ C or U ] PRODUCTION, ECONOMICS

the process of reducing the cost of producing a product without reducing its quality or how effective it is:

Substantial value engineering had to be done to control costs.

(Definition of “value engineering” from the Cambridge Business English Dictionary © Cambridge University Press)