Explain Value engineering, Value analysis, Lean wastes

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).