Value Analysis is a systematic approach to reducing the cost of a product or service while maintaining or improving its performance. It is a structured process that involves breaking down a product or service into its component parts and then analyzing each part to determine if there are ways to reduce costs without sacrificing quality or performance. The goal of Value Analysis is to identify and eliminate unnecessary costs while still providing a product or service that meets customer needs. It is often used in manufacturing and engineering, but can also be applied to any type of product or service. This should be applied not only during the design phase but at all steps of the design-production chain.