VE stands for Value Engineering Explain how VE can be applie

VE stands for Value Engineering Explain how VE can be applied on software projects considering requirements engineering, project planning, product planning, resources, cost and budget estimation, risk management, quality management, testing, etc.

Solution

Value engineering is something that applies to both hardware and software. Speaking in terms of software projects value engineering finds it\'s applications at practically all stages, be it planning, testing, budget estimation or any other stage. The primary objective is minimize the cost and time of the project without compromising on either the quality or performance. There are several parameters that value engineering takes into account while finding an optimal path to progress towards the execution of the project. The parameters that it takes into account can be: what is the project about (requirement analysis), what does it cost to implement it (cost estimation), what is the intended output (execution and testing), what could be an alternative path to executing the project and will it be of a lesser cost. Such questions ensure that the implementation to the execution is done in a planned an organised manner. In value engineering all steps involved in the execution of the project are challenged from time to time so as to suggest some other low cost alternatives. Persons handling the project often tend to have minimal or inadequate knowledge about the any changes that occur or are required to be implemented at a certain point in time. Value engineering ensures that the personnel involved in the project have a basic know-how of all previously implemented changes and also the changes that are in consideration and might get implemented. The methodologies of Value Engineering can be used to speed up and accelerate the development of software to unprecedented levels of performance that were previously thought to be impossible and hence it\'s application is of prime importance.