Explanation:Value Engineering:The goal of value analysis is to identify and reduce unnecessary expenditures in a systematic manner.Value analysis investigates each component's design, manufacturing method, materials utilised, function, and cost in order to create it cheaply without sacrificing utility, function, or reliability.Value:The price we pay for a product, method, material, or service that must execute a certain function with the needed quality and reliability is referred to as its value.Value is a mix of quality, efficiency, price, and service that ensures the purchaser's ultimate economy and satisfaction.It can be expressed mathematically as:\(Value = \frac{{Function\;\left( {or\;utility} \right)}}{{Cost}}\)It can be seen that the value of a product can be increased either by increasing its utility with the same cost or decreasing its cost for the same functions.