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Re-engineering is a set of actions done for the design/engineering change.It is actualy done once the product engineering phase is over.It inclues,dreawing change,ECO and BOM change.Value Engineering is a technique used at the early stage of the product engineering.
A short and crisp answer would be; ‘Re-engineering’ is an inevitable process and the system must have to go through it however, ‘Value engineering’ is simply an option if you believe that adding new values would only improve the efficiency/performance of your system. Logically, there is a need to ensure that adding such values is not affecting the existing processes workflows of the system; a regression testing is recommended to avoid disappointments.
Value Engineering is a systematic and creative methodology that analyzes the function of items, services, or systems to ensure that the required functions are performed at the lowest possible overall cost. (Overall cost includes the cost of buying, operating, and supporting the item, service, or system).
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