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Here are the explanations for the terms: Value engineering is a systematic, organized approach to providing the necessary functions in a project at the lowest cost. It focuses on new products or designs* during their development phase to optimize value by improving function and reducing costs. Value analysis is a similar process to value engineering, but it is applied to existing products or services*. Its goal is to identify and eliminate unnecessary costs while maintaining or improving the product's performance, quality, and reliability. Lean wastes (also known as Muda*) are activities or resources consumed that do not add value to the customer in a Lean production system. The seven common wastes are: Defects, Overproduction, Waiting, Non-utilized talent, Transportation, Inventory, and Motion (often remembered by the acronym DOWNTIME). Send me the next one 📸