Explain the concept of value engineering. Also, explain the various phases involved in the value engineering process. 

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Value engineering is a systematic approach used to improve the value of products, services, and processes while minimizing costs. The concept was first introduced in the 1940s by Lawrence D. Miles, an engineer who was seeking ways to reduce the cost of military equipment production during World War II. The primary objective of value engineering is to increase the value of a product or service by reducing its cost, improving its quality, and optimizing its functionality.

The process of value engineering involves a cross-functional team that includes designers, engineers, marketers, and other professionals. The team analyzes the product or service and identifies areas where improvements can be made. They then explore various alternatives and evaluate the costs _______ ______ ____________ ___________ _____________ _______.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Management of Machines and Materials
Subject Code : MS 5
Year : 2023