Value Engineering is a systematic method aimed at improving the value of a project or product by analyzing its functions. It focuses on enhancing performance while reducing costs, ensuring that essential functions are maintained or improved without unnecessary expenditures. This approach is often applied in fields like construction, manufacturing, and product design. The process involves a team of professionals who evaluate the components and processes involved, identifying areas where efficiency can be increased. By using techniques such as brainstorming and cost analysis, Value Engineering helps organizations achieve better results while maximizing resources and minimizing waste.