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6.4.1 Value Engineering: A Systematic Team Approach for Strategic Planning
Author(s) -
Braase Lori,
Grgich Jodi,
Conner Alison,
Jeffs Margie,
Martinson Darcie
Publication year - 2010
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.2010.tb01107.x
Subject(s) - balanced scorecard , strategy map , strategic planning , process management , function (biology) , plan (archaeology) , value (mathematics) , strategic thinking , computer science , strategic management , management science , knowledge management , engineering , management , geography , archaeology , evolutionary biology , machine learning , economics , biology
The Value Engineering (VE) Methodology is an effective tool for business or strategic planning. While there are many viable strategic planning processes, the “Balanced Scorecard” approach (formally developed by Robert Kaplan, PhD, and David Norton, PhD), is highlighted here using VE and function analysis to develop strategy maps and scorecards. As part of the VE Methodology, Functional Analysis System Technique (FAST) diagramming offers an integrated approach and structure to strategy map development by formulating a cause and effect relationship and establishing the “how” and “why” behind the strategy map. By holistically utilizing the VE Job Plan, one is able to move from strategic thinking all the way through to measurement and execution of a strategy.