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In brief, value analysis is the examination of an existing or planned production process to ensure that no individual segment of the process is superflous to requirements (i.e. more expensive or with a longer lead time than it needs to be).
Where an element of the process is re-designed and re-worked, that would be value engineering.
The key is in the name 'Analysis' of a process' value vs 'Re-Engineering' of it.
Value Engineering is a cost reduction process or a process which improves system by eleminating the wastage or un neccessary activities.
Value analysis is a method for evaluating the value of the elements or components in the system
