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
Break-even point when machine requires change
Depreciation value of a product
Resale value of a product

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Industrial Engineering and Production Management
Work sampling is applied for

Estimation of the percentage utilization of machine tools
Estimating the percentage of the time consumed by various job activities
All of these
Finding out time standards, specially where the job is not repetitive and where time study by stop watch method is not possible

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