Value Analysis/Value Engineering (VAVE) is a method used in manufacturing and product development to optimize the value of a product by balancing its functions with its cost. The process involves analyzing each component of a product to identify opportunities for cost reduction without sacrificing quality, performance, or reliability. VAVE aims to eliminate unnecessary costs by using alternative materials, simplifying designs, or improving manufacturing processes. For example, a company might use VAVE to replace an expensive metal part with a more affordable plastic alternative that performs the same function. By conducting VAVE, manufacturers can improve product value, reduce production costs, and increase competitiveness, ultimately benefiting both the company and the customers.