The Significance Of Value Analysis And Value Engineering In United Foam Plc, Ilorin

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1    SUMMARY OF FINDINGS
From the study conducted, the summary findings were made.
The functions of value analysis and value engineering can not be carried out by one person or single designer. An organized value analysis and value engineering study usually utilizes a number of individuals with different types of background. Experience and skill which is possible to combine in one person or single designer. The company believes that value analysis yields maximum benefits only when it is practiced by all professional operating personnel consequently, this approach aims primary at developing on understanding of the concept and a working knowledge of techniques among all personnel responsible for specifying, buying and using production materials.
There are some problems which are causing draw backs on value analysis and value engineering programme. These includes lack of understanding company among members of the committee which make the success of the programme difficult. It was observed that ones the problems of the programme in the company is that it involves a lot of time and money. To supplement the staff training approach and committee approach, the company publishes monthly “value analysis” which has the following goals.
a.    To create a cost conscious attitude on the part of the employee and develop a team spirit in the approach to value analysis.
b.    To give examples of successful value analysis projects to employees so that they can see how to do it.
c.    To give recognition to individuals who have contributed good ideas.
5.2    CONCLUSION
The researcher is very much believes that the reader of this project work will in no doubt agree with me that the role of value analysis and value engineering (VA/VE) in a manufacturing company cannot be over emphasized. It is therefore imperative that all other companies should evaluate their system which is a means of reducing cost of an item without impairing functions. This can well b carried out in an organization by a competent value analyst. The value concept possess tremendous profit making potential. However if potentiality is to be realized those responsible for administration of the value analysis programme must adopt a broad management view point. This is essential because value analysis is a companywide activity whose purpose to optimize returns to the total business operation. Management must not over look the fact that on the long run, it is the attitude of the participants that largely determined that degree of success achieved by any programme. For this reason, the activities must be organized and administered with care.
Value analysis concept must be understood, accepted and practiced by a majority of the various functional specialists involved in the programme if such a programme is to be fall effective.
Conclusively, the company should continue with the programme so as to improve on its present achievements.
5.3    RECOMMENDATIONS
Based on my research study, the management should continue with the programme by utilizing a number of individuals with different background, the suppliers and a value analyst. By this, the management will be sure of carrying the value analysis operation effectively and efficiently.
Enough market survey needs to be carried out from time to tie in order to alert the management o the development in the market place.
The management should by as much as possible to see that much money and time are not wasted in carrying out the value analysis programme.
More so, management should try and see that during brain storming sessions. Each participants should be encourages to apply his imagination to the problem and purpose any idea that comes into his mind no matter how ridiculous it may sound. In addition, every idea should noted and recorded by the leader of the group. During the meeting, no idea should be criticized. And if any of the participant is criticized, it may discourage that person from putting forward whatever ideas he/she is having in mind. This should not happen. A idea by a person will lead to other suggestions which will finally lead to workable solution to the problem. After the session, all ideas should be analysed to find which ones are practicable. The team should find out the cost of implementing the new idea and compared to what is presently incurred. All ideas should be workable and should be given to the value analyst to develop them further, all department and personally of the company need to be convinced that value analysis programme is not a fault finding exercise.