Modify the software engineering development waterfall model
Solution
First let us see what is basic waterfal model;
RequirementGatherring & Analysis--->System Design-->Coding--->Testing--->Deployment-->Maintainence.
The above model says that first phase all requirements gatheriing and analysis should be done which once finalised will be consistent during whole lifecycle and will not change. Then second phase design the project based on the output from first phase then on that design third phase goes to developers who write the logic then to testers to test it and so on.
Now considering value engineering concept we could add some new phases to it.We need to first see what are value engineering concept, it says we need to deliever required functions of project at lowest cost where keeping quality, performance and reliability to its level. And keeping in mind the basic waterfall model and then value engineering concept we can add Speculation Phase to the mode, which is a brainstorming phase to find out the alternatives and stick to best possible(in all ways and specially cost).
RequirementGathering--->SpecuationPhase-->Analysis-->SystemDesign-->Coding--->Testing-->Deployment--->Maintainence.

