Industrial Engineering and Production Management
Value engineering aims at finding out the

Major function of the item and accomplishing the same at least cost without change in quality
Depreciation value of a product
Break-even point when machine requires change
Resale value of a product

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Industrial Engineering and Production Management
The process capability of a machine is defined as the capability of the machine to

Produces a definite volume of work per minute
Perform definite number of operations
Produce job at a definite spectrum of speed
Holds a definite spectrum of tolerance and surface finish

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