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Essay Details:
Essay text:
The best value is associated with
an item that has the ability of performing its function at an optimum level of quality,
reliability, maintainability, and life-cycle cost. This analysis reduces processes,
equipment, facilities, services, supplies, or products to their most basic functional
elements and then looks for cost-efficient alternatives.
At minimum, proper value management practice will include all of following items:
identified initiatives
invested resources
implementable recommendations
identifiable return on investment
A summary view of value management is the systematic search for an undiscovered
answer through the collective efforts of a team composed of experienced and highly
qualified professionals...
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