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

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

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

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

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