Advanced Cost Accounting

UNIT 2 :
VALUE ANALYSIS – A TOOL/ DEVICE OF COST

REDUCTION
Sincere Thanks to,
Dr. Prof. P K Rathod

(Head of the department)
(For guidance)
UNIT 2: VALUE ANALYSIS – A TOOL/ DEVICE OF COST REDUCTION
Sr. No. Topic

1 Rationale of Value Analysis
2 Meaning of Cost control
3 Meaning of cost reduction
4 Cost Reduction vs. Cost Control
5 Cost Reduction Committee
6 Tools and Technique of cost reduction
7 Meaning of Value
8 Value Analysis vs. Value Engineering
9 Value Analysis vs. Work Study
10 Objectives of Value Analysis
11 Items Value Analysis
12 Organization Value Analysis
13 Steps/Phases of Value Analysis
14 Techniques of Value Analysis
15 Benefits
16 Limitation
17 Value Analysis in India
Page | 2 PREPARED BY: HASTIN SHUKLA & Anuj Bhatia

(1) Rationale of Value Analysis
Value analysis aims at a systematic identification and elimination of unnecessary costs
resulting in the increased use of alternatives less expensive material, cheaper designs. Less
costly methods of manufacturing etc, to provide the same performance, quality and efficiency
and in a decrease of overall unit costs and consequently greater profits. We can convert a
stainless steels part into steel or even fibred-glass and thus save costs. TVS Suzuki’s choice of
fibred-glass for Spectra has reduced its product-cost.
Value Analysis is, in essence, a study of function. The function of a part, or material, or
service is the job it does. Value is the price we pay for a product process, material or service
required to perform a specific function in an efficient way. We get the best value when we incur
the least cost for an essential function or service with the required quality and reliability. The
task of Value Analysis is to ensure that all the elements of cost whether for labour, for material,
for designing or for services, contributes proportionately to the function.
Value Analysis is a cost reduction technique and perhaps the most potent of all such
techniques. Cost reduction is a very dynamic concept unlike, for example, cost control. In cost
control we are aiming to keep cost within predetermined standards while in “Cost Reduction”
our objective is to attack the costs themselves and eliminate them where possible. Value
Analysis parses a product into the functions performed by different components – and then
looks for the cheapest way to have that function performed.
Definition
There are various definitions of Value Analysis. Stated very simply: “Value Analysis is an
organized procedure for identification of unnecessary cost”.
Another definition states: “Value Analysis is the study of the relationship of design, function
and cost of any product, material or service with the object of reducing its cost through
modification of design or material specification manufactured by a more efficient process,
change in source of supply (external or internal), or possible elimination or incorporation in a
related item”.
A more elaborate definition of Value Analysis as given below throws more light on the
subject.
“Value Analysis is the organized and systematic study of every element of cost in a part,
material or service to make certain it fulfills its function at the lowest possible cost; it employs
techniques which identify the functions the user wants from a product or service: it establishes
by comparison the appropriate cost for each function; then it causes the required knowledge,
creativity and initiative to be used to provide each function for the lowest cost”.
Value Analysis (VA) is also known as Value Engineering (VE), Value Assurance and
Value Management (VM). It is an approach for improvement in the performance of the
products, systems or procedures and reduction or elimination of costs, without affecting the
function. L.D. Miles defined VA “as organized creative approach which has for its purpose the
efficient identification of unnecessary cost i.e. cost which provides neither quality, nor use, nor
life, nor appearance, nor customer features.” VA was traditionally used in the area of hardware
projects but is now a days applied in software projects too. In non-traditional areas like

customer service plans in banks, slum development, motivational techniques, VA can be of
great use.
(2) Meaning of cost control
The basic objective of accounting is to provide information which is useful for persons inside
the organization (i.e. owners, management and employees) and for persons or group outside the
organization (i.e. investors, creditors, government, consumers etc.) According to Slavin and
Reynolds Professors of Accounting, “Conceptually, accounting is the discipline that provides
information on which external and internal users of the information may base decisions that
result in the allocation of economic resources in society.” The needs of majority of the users of
accounting information can be satisfied by financial accounting. Financial statements are
concerned with the past where as management’s main interest lies not in past but in future. It is
mainly concerned budget, cash budget, capital expenditure budget etc. is an important part of
planning and preparing various budgets is an important aspect of Cost Accountancy.
Controlling is the function of seeing that programmers laid down in various budgets are being
actually achieved i.e. actual performance is compared with the budgeted performance, enabling
the management to exercise control in case of weak performance.
Now-a-days managements are facing problems of survival because of acute competition.
Only those organizations can meet the competition effectively and have a hold on the markets
which are in a position to keep their cost minimum. Cost accounting can be instrumental in this
regard by eliminating all inefficiencies and wastages by exercising cost control.
The Chartered Institute of Management Accountants, London defines cost control as:
“The regulation by executive action of the cost of operating an undertaking particularly where
such action is guided by cost accounting.” The terms ‘regulation’ and ‘executive action’
indicate conscious attempt of regulating the cost on the basis of predetermined ideas about what
cost should be. It is only when costs are predetermined i.e. a system of standard costing is in
operation, that cost control measures can give their best. Thus, cost control aims at reducing
inefficiencies and wastages and setting standards or norms or targets and comparing actual
performance therewith a view to ascertaining deviations from set targets or norms or standards
and taking corrective action to ensure that future performance conforms to the set standards or
norms or targets.
Elements of a Cost Control Scheme
The following are the elements (i.e. major steps) of a cost control scheme:
1. Set down a norm or standard or target.
2. Select a yardstick for measuring the standard or target.
3. Ascertain the actual performance by applying the yardstick which was used for measuring
the standard or target.
4. Compare the actual performance with the standard or target and compute the variances.
5. Analyses the variances by causes and fix responsibility for variances.
6. Take corrective action to eliminate the causes of variances so that future performance
conforms to standards or targets laid down and cost may be controlled to achieve the maximum
efficiency.

7. Periodically review the standards or targets and revise them in the light of changed
circumstances.
(3) Meaning of Cost Reduction

Cost reduction is a planned positive approach to reduce expenditure. It is a corrective
function by continuous process of analysis of costs, functions, etc. for economy in application
of factors of production.
The Chartered Institute of Management Accountants, London defines cost reduction as
follows:
“Cost reduction is to be understood as the achievement of real and permanent reduction in
the unit cost of goods manufactured or services rendered without impairing their suitability for
the use intended or diminution in the quality of the product.”
The definition given above brings to light the following characteristics of cost
reduction:
• The reduction must be a real one in the course of manufacture or services rendered. Real
cost reduction comes through greater productivity. Greater productivity may be through:
(1) Obtaining a large quantity of production from the same facilities;
(2) Using materials of lower price and of different quality without, however, sacrificing the
quality of the finished product, i.e. reducing cost through the process of substitution;
(3) Simplifying the process of manufacture without sacrificing the quality of the finished
product; (4) Changing features of the product suitably without sacrificing the quality of the
product etc.
• The reduction must be a permanent one. It is short-lived if it comes through reduction in
the prices of inputs, such as materials, labour etc. The reduction should be through
improvements in methods of production from research work.
• The reduction should not be at the cost of essential characteristics, such as quality of the
products or services rendered.
Thus, cost reduction must be a genuine one and should aim at the elimination of wasteful
elements in methods of doing things. It should not be at the cost of quality. Cost reduction is a
continuous process of critically examining various elements of cost and each aspect of the
business (i.e. procedures, methods, products, management including market and finance etc.) is
critically examined with this a view to improving the efficiency for reducing costs. Every plan
of cost reduction proceeds with this assumption that there is always scope for cost reduction. A
continuous research is made into various areas for finding out the best possible methods of
performance for ensuring minimum possible costs.
The reduction in costs should be real and permanent. Reduction due to wind falls, changes in
government policy like a reduction in taxes (or duties or due to temporary) and measures taken
for tiding over financial difficulties do not strictly come under the purview of cost reduction.
Broadly speaking reduction in cost per unit of production may be effected in two ways:
1. By reducing expenditure but the volume of output remains constant.
2. By increasing production viz. increasing the out turn, but the level of expenditure remains
unchanged.

(4) Cost Reduction Vs, Cost Control
Cost control involves predetermination of targeted costs measuring the actual costs,
investigating into the causes of variations and instituting the corrective action, whereas cost
reduction is the achievement of real and permanent reduction in unit cost of goods
manufactured or services rendered without impairing their suitability or diminution in the
quality of the product. Cost reduction in values saving in unit cost such saving is of permanent
nature and the utility of the goods and services remain unaffected. Thus cost control and cost
reduction are two efficient tools of management but their concepts and procedures are widely
different. The main points of differences between the two are the following:
1. Aim. Cost control aims at achieving the predetermined costs, whereas cost reduction aims
at reduction of costs by finding new ways or methods to have continuous economy on costs.
2. Exercise. Cost control is a routine exercise which is carried out for attainment of
operational efficiency whereas cost reduction aims at permanent and real savings by a
continuous search for improvement. Thus, cost control follows a conservative procedure and
lacks a dynamic approach whereas cost reduction is dynamic and innovative in nature.
3. Concerned with. The process of cost control is to lay down a target, ascertain actual
performance, compare it with the target and take corrective action. On the other hand, cost
reduction is not concerned with maintenance of performance according to the predetermined
standards.
4. Approach. Cost control seeks adherence to standards whereas cost reduction is a
challenge to the standards themselves. Cost reduction assumes that there are chances of
improvements in predetermined standards.
5. Function. The aim of cost control is to see that actual costs do not exceed the
predetermined costs; so it is a preventive function. On the other hand, cost reduction is a
corrective function because it challenges the predetermined costs and seeks to improve the
performance by reducing cost of increasing production. It is a continuous function of self-
analysis for making more and more improvement in performance.
6. Applicability. Cost control is generally applicable to items of costs which have standards
where as cost reduction is applicable to every activity of the business.
7. Tools of Techniques. Budgetary Control and Standard Costing are important tools of cost
control whereas cost reduction makes use of techniques like value engineering/value analysis,
work study, operation research, simplification and standardization, ABC analysis, etc.
8. When Achieved. Cost control is achieved once the costs do not exceed the standards
whereas cost reduction is never ending. In fact cost reduction begins when cost control ends.
9. Operation/Research Oriented. Cost control is operation oriented whereas cost reduction
is research oriented, always trying to reduced costs through planned research.
5) Cost Reduction Committee
In some organization, a cost reduction committee is set up for the purpose of obtaining
permanent savings in expenses. This usually consists of departmental heads and some
technicians who are experts in their fields. The committee locates the areas of potential savings
and gives direction and coordination. It determines priorities and naturally picks up the areas of

higher costs or low efficiency first. A cost reduction programme succeeds only when clear-cut
targets are laid and effort is made to achieve them.
(6) Tools and Techniques of Cost Reduction
According to G. Kantharaj. “In the particular context of a developing economy, it
becomes predominantly important to emphasize on cost reduction in agriculture, industry,
public administration, etc. Cost reduction cannot be ushered in by a magic wand. Cost reduction
is everybody’s concern.
The motto of every industry and every organization should be to produce more goods and
to render efficient services. Spiraling up of prices and inflationary trends seem to have reached a
point of No Return in the country. The situation cannot be salvaged unless every responsible
individual wages a war vehemently to curtail the wastages and delays in his own jurisdiction.”
Cost reduction is a continuous process and for this purpose the organization is to divided
into, preferably, responsibility canters so that necessary action can be taken by the top
management on the responsible executives in respect of the controllable items in order to
achieve the objective and cost reduction. A suitable program for cost reduction should be laid
down by the management. Further there should be close co-operation amongst the responsible
executives connected with the scheme of cost reduction. The various techniques covered by the
cost reduction are indicated below.
1. Simplification, standardization and improvement of design of the product.
2. Value Analysis.
3. Higher productivity.
4. Inventory control.
5. Labour cost control.
6. Overheads controls-factory, administration, selling and distribution.
7. Budgetary control.
8. Installation of standard costing system.
9. Work study and Time study.
10. Organization and methods procedure i.e., simplification and standardization of office
procedures thereof.
11. Simplification and variety reduction.
12. Economic batch quantity for the production runs.
13. Coding and classification
14. Substitute material utilization.
15. Automation.
16. Operations research.
17. Market research.
18. Quality control.
19. Production, planning and control.
20. Job evaluation and merit rating.
21. Training schemes.
22. Incentive schemes.
23. Business forecast.

24. Management audit.
25. Cost benefits analysis.
26. Contribution analysis.
27. Use of new machines, equipment, processes, materials and methods in place of old
and obsolete ones.
28. PERT.
(7) Meaning of Value
INTRODUCTION:
The present era is of competitiveness. There are number of industries / companies
producing same item, having different characteristics and they also tries to provide best quality
at low price. Therefore no business is having monopoly. The management has to try
continuously for survival. They have to reduce and control cost of production to achieve low
cost. If purchase of material is made properly then it can be helpful to support directly for
increase in profit and reduction in cost. There are so many techniques but the value analysis is
the concept that developing for Indian industries which provides support to the cost control.
The best managed materials department has continuing cost-reduction programmers. They
would have them even if it were possible to negotiate the lowest price for every purchased items
as possible as. Price negotiation is only one of many contributions the materials department can
make to reduce costs. Others includes such as,
- Changes in design
- Material substitution
- Reduction in number of items which are not necessary
- Application of analytical operations research techniques
- Purchase of machinery and equipment and avoidance of excess labour. Etc.
Concept of Value Analysis
 Meaning of Value:-
The term ‘Value’ is synonym for the term ‘worth’. It can be also termed as a fair
equivalent, intrinsic worth, relative worth that which renders something useful, etc. Nothing can
have value without being an object of utility. Since product or service does something for the
customer, it gains some value for him due to the function that performs. A product or service
may have following kinds of value for the customer.
1. Use / Function Value: - Properties which accomplish a use, a work or a service. For
Example: - An automatic watch that gives fairly correct time has a use value.
2. Esteem Value: - properties that make the ownership of that object very desirable. As the
worth has its use values but if that For Example: watch having gold chain and dial with
demands in it than it will have esteem value. It is related to desire of a person to show his
wealth.
3. Cost Value: - Cost Value is the sum of the material, labour and overhead required to
produce something.
4. Exchange Value: - The barter value expressed as the sum of use value and esteem value.
Properties that make an object possible of being traded for other items. For Example: -
purchase price paid by a customer for a product or any other thing is given for that purchase.
5. Scrape Value: - The money that can be recovered when the item is no longer needed. For
Example: - When the life of machine is ended, it have scrape value.
The concept of value is dynamic and it changes with time. An item which has functional
value today will have esteem value after sometime and finally as the time passes; it may have
only scrape value.
 Meaning and definition of Value Analysis: - Value Analysis (VA) is aimed at a
systematic identification and domination of unnecessary cost results in the increased use of
alternative, less expensive materials, cheaper designs, less costlier methods of management etc.
to provide the same performance, quality and efficiency in a decrease of overall unit costs and
which result in to increase in profits.
 Example related to Value Analysis: - When housewife go out for shopping for
vegetables say tomatoes. In market, suppose, there are four type of tomatoes costing rs 1.50, rs
2.00, rs 2.25 and rs 3.00 per price. All tomatoes having ‘good’ quality.
Now if she wants to make tomatoes costing rs 1.50. But if the boos of his husband is come
for dinner at home than for salad she will select tomatoes costing rs 3.00.
By analysis this example we can understood that the choice will be depends on the
function that the tomatoes have to perform. All the four varieties have its own value depend up
on their function expected to accomplish. Thus, this simple example illustrates the approach of
value analysis.
There four in value analysis it is essential to study the function of a service for any job. As
we all knows value is the price paid for a product process, material or service required to
perform a specific function in an efficient way.
We can get best value when we get function or service at required quality by incurring
least cost. The task of value analysis to ensure that all the elements of cost whether for labour,
for material, for designing or for services, contraries proportion atelic to the function.
Cost represents sacrifices of resources for a particular objective. So the aim of value
analysis is to improve relationship between function and cost. Cost of product or service must
be investigated, analyses and reduced lay using value analysis.
 Definition of Value Analysis:-
1. Dean aimer defines value analysis as,
“value analysis is the study of the relationship of design, function, and cost of any
product, material or service with the object of reducing its cost through modification of design
or material specification, manufactured by a more efficient process, change in source of supply
(external or internal), or possible elimination or incorporation into a related item.”
Example:- at present we can see that all automobiles companies have change major body
parts of their vehicles by fiber instead of metal which is light weight, durable, cheap,
replaceable, qualitative and attractive. For Example:- Suzuki Max bikes by this way oil able
only in Rs 28-29000.
2. According to Frank J. Johnson,

“Value analysis is an objective study of every item of cost in every component part,
subassembly, or piece of equipment. This includes a study of the design, the material and the
process in the continual search for other possible materials and new process.”
3. According to Patel, Chunawala and Patel:-
“Value analysis is an organized procedure for efficient identification of unnecessary cost.”
In short, we can say that, value analysis is an organized effort, it is an creative approach
aimed at identifying unnecessary costs and eliminating them from the system without affecting
the functional utility, performance, reliability and safety of product or service.
(B) Value Engineering
“Value Engineering is usually done by Design Engineers whereas Value Analysis is
usually done by the Purchase Department. Value Engineering can be defined as “an intensive
appraisal of all the elements of the design, manufacture, inspection, procurement, installation
and maintenance of a product and its components, including the applicable specifications
and operational requirements in order to achieve the necessary performance, reliability and
maintainability of a product at minimum cost. The purpose of value engineering is to make
certain that every element of cost (design, labour, materials, supplies and services)
contributes proportionately to the function of the product.”
The following are the 9 elements of value engineering methodology:-
i. Product selection
ii. Analysis and Determination of functions
iii. Collection of information concerning the production such as relating to the present cost,
quality, reliability, development history, etc. so that cost can be curtailed.
iv. Development of alternatives
v. Cost analysis of alternatives
vi. Testing of the alternatives
vii. Proposal submission
viii. Follow-up
ix. Implementation phase
(8) Value Analysis Vs. Value Engineering
Value Analysis and Value Engineering were developed in the mid 1940s after a time of
world was 2 when minimum costs at optimum use of material were essential.
A two stage attack is made on cost by use of value engineering and value analysis.
Value engineering attaches cost in design stage and value analysis attaches cost in production
stage. In both the techniques effort is made to render the same improved product function at
lower cost without impairing value to the customer. Actually value analysis is the present and
developed concept. It comes after attempt made on concept such as value engineering, value
control, value assurance and value management.

(9)Value Analysis Vs. Work Study
Value Analysis
1) VA subjects each and every component of a product to equitable examination so as to
ascertain:
(a)its utility, (b)its cost,( c) whether its cost is commensurate with its utility,(d) whether it can
successfully be eliminated,(e) whether it can be replaced by a more economical item, (f) the
substitute used by a competitor and (g) whether anybody else is buying it cheaper.
2) It envisages rationalizing and simplifying a product so that without impairing the utility,
the cost comes down.
3) A small item may be added to an existing product in order to amplify its use but the cost
of that item should be less than the increase in price i.e. Cost Benefit Analysis.
4)It concentrates on material cost savings.
Work Study
1) Work study takes the product specification for granted; it concentrates on conversion of
material into finished products. It involves the study of all minute processes and
Operations including the evaluation and measurement of the work.
2) It improves the methods of working by economizing efforts and reducing fatigue while
maintaining and improving efficiency.
3) Further materials will not be added.
4) It mainly relates to the area of labour cost. It helps in assessing the labour requirements
correctly, fixing right wages and introducing effective incentive schemes.
(10) Objective of Value Analysis

Value Analysis seeks answer to the following questions which may be asked about a
complete product, a component or process:
1. What must this item or process do? What is its function? (This can usually be expressed
in two words e.g. a bulb “provides light” or a plant “provides protection”, or “enhances
appearance”.
2. What else does the item do? (If the item performs functions that are not needed, then it
may be a symptom worth investigating to find out if there is a waste).
3. What does it cost?
4. What else could perform the same function?
5. What will be a possible substitute’s cost?
(11) Items Value Analysis

Every company’s product passes through five stages of product life cycle
1. Conception
2. Development
3. Growth
4. Maturity
5. Decay

Company earns different levels of profits at all different stages. Then company’s return on
investment is also varied from one type of product to another.
Product with decreasing return on investment, reaches at maturity stage, competitors enters
in market with an improved version of a product and this will force that company for make
try for its survival. So when the product reaches at maturity stage it is considered ideal for
value analysis or many products having over design can also be chosen for value analysis.
Items having high consumption during whole year or items of high cost are selected for value
analysis.
Now the efforts for cost reduction are made and started from design stage and is
continued in the production system by adopting process modification, change of tools,
material substitution, etc. Many organizations have reduced purchasing cost by adopting
Value Analysis technique on packing material.
Mostly firms identify products for value analysis by the help of ABC method. ABC
analysis ranks products on basis of their annual consumption or on basis of revenue generated
by it. So this type of study help in increasing profit and any other possible benefit by
increasing value in comparison to cost of that part or product or services.
(12) Organization Value Analysis

While every firm can benefit from value analysis (VA), only the bigger company can
afford fulltime VA. At present no more companies have full time value analysts. As the full
time value analysts are so costly for the company a common question arises as to who should
carry out VA in a company. There are two main areas for research, they are:
1. Product improvement’
2. Product design
By its nature VA is a company – wide effort. Because of individual company differences 3
basic staffing approaches to VA are employed:
i. Staff function
ii. VA committees
iii. Staff training approach
1. Staff function:
Anyone can apply VA principles: buyers, manufacturing engineers, design
engineers and other. Ideally, VA is a team work and it requires inter disciplinary
approach. Inter disciplinary teams of four or five individuals are selected. They
may be drawn from the key departments, such as marketing, design, purchasing,
cost accounting, research, quality, packaging, safety, maintenance and
manufacturing. The analysts doing VA have to face a number of disturbances
from other duties assigned to them. For this reasons VA is organized as a separate
staff activity except in small firms that cannot afford to hire a fulltime analyst.

Typically, the chief analysts usually work on VA activity of other materials
personnel.
The typical value analyst has several projects of his own to work on at all times.
He periodically reports his progress on existing projects and also suggests new
projects. In addition, he might instruct other materials personnel in VA techniques
and assists in getting their ideas approved by all the departments involved.
When a VA project is completed, a written report is usually is submitted to all
interested parties. Before the change was approved, it was analyzed by the
laboratory and the accounting department audited the savings estimates to make
certain it was realistic.
Limitations:
Management must be very careful to refrain from relying unduly on staff analysis as a
control over operating personal. Such a procedure will frustrate attempts to secure the staff
line cooperation that is vital to the success of analysis.
2. Value Analysis Committees :-

The committee approach to value analysis is particularly well suitable to the small company
that cannot afford a fulltime analyst.
The value analysis committee includes members from the purchasing, production product
engineering, management engineering, and cost departments. It might meet once or twice a
month.
Specific projects for example, a commodity group such as a steel stem pings or scientific
products – are selected for value analysis at each meeting. Each member of the group studies
the project in advance of the meeting. The combined and wearied skills of the group
frequently lead to ideas that cut costs.
The committee form of organizes works well in value analysis. It helps generate ideas that
no individual member of the group could probably come up with on his owner. However,
after the committee meets, someone must see that those ideas are thoroughly investigated
and, if possible, applied. If a company has fulltime value analysis, they can handle the
necessary follow through. Otherwise the chairman of the committee must administer the
program to make certain that the committee’s recommendations are acted on.
Value Analysis projects often takes months to bring to a successful conclusion. In some
cases, almost every major dept in the or, must approve suggestions before they are
incorporated. As a result, committee members cannot simply meet dream up new ideas, and
than go back to their regular jobs and forget all about value analysis until the next meeting.
Someone must follow through ideas if anything is to be accomplished.
Limitations

1. The most serious weaknesses in the committee arrangement that decisions are difficult to
reach because of departmental self- interest or the lack of vigorous leadership by the
coordinator and that no one may accept personal responsibility for a joint decision.
2. The related difficulty is that even after decisions are reached, implementation is a major
problem, since operating personnel are inclined to resist change. These defects can be
partially overcome by a strong coordinator.
3. Therefore, though the committee approach is simple and inexpensive method of
implementing value analysis, it may be seriously limited in reaching decisions and in putting
recommendations in to action.
3. Staff Training Approach :-
This third approach to installing a value analysis program is designed to instill an awareness
and appreciation of value analysis principles heath in the existing organizational structure. An
attempt is made to instill an understanding of the concept and its techniques among the
personnel that purchase, specify and use production materials. It is hoped that operating
personnel, when apprised of the techniques and benefits of value analysis procedures will
employ them in their day to day routines. Most companies using this approach do not have a
value analysis staff but rely on personnel within each functional area to conduct regular value
analysis reason.
On occasion outside consol tents may be used to introduce recent advances in the area and to
act as a source of outside stimulus. Although the content of value analysis training varies
according to firm’s need, such programs generally includes information regarding techniques,
cases illustrating successful cost reduction applications, recognition to individuals who have
been responsible for successful projects, the creation of a cost reduction attitude and a
cooperative approach to value analysis.
13. Steps/Phases of Value Analysis:-
Value Analysis is the process having a sequential phases that the product or material has to
valued and applied. The first and crucial question in value analysis is what is the function of
the product, process or service. Here the importance of that particular past or product is
analyzed. The next question is how to enhance the quality or value with lowest cost. In this
process the following eight phases or sequential steps are considered:-
1. Information Phase :-
In this phase all relevant facts/data about a particular troublesome product / part / process are
gathered, organized and analyzed. Each product or process is taken up its function considered
and all bade ground information and relevant facts. Data like drowning design, tolerance,
material specifications, material, labour, overheads and other costs, market, competitive
product etc., are obtain proceeding further with the job or value analysis.
2. Functional Phase:-
In this phase a few items of poorest value i.e. they cost far more than they should are
identified. The different functions performed by the product are inspected & checked. Then
after that functions are classified in to different categories.
3. Creative Phase;-

After identifying & classifying the functions performed by an item poorly creative phase is
applied. In this phase the ways to solve the problem are collected, for both probable &
improbable. Different new ideas are generated to perform the functions identified for the poor
value items.
4. Judicial Analysis Phase;-
The ideas generated in the creative phase are now evaluated in a practical, pragmatic and
analytical made. There are no. of ideas are collected for solving the poor item but several
ideas are selected and ranked in the order of their importance.
5. Development Phase;-
There are teams of value analysis for making the value analysis, so these teams make efforts
to redefine, reshape and develop the ideas in the best creative and practical ways. The coat
factor is added here and applied to reality. This is the consolidation of what the team thinks.
6. Presentation;-
The proposed changes are put in final form to be presented to the mgt decision makers. This
proposal describes two or three ideas for performing the function of the original basic and
very expensive item with a workable alternative of better value.
7. Implementation and follow-up Phase:-
After the ideas have been accepted by the management, the changes are implemented,
monitored and followed through proper periodical reviews. While developing an idea, it is
important to sell it to the top mgt. It has been noted that a sizable percentage of the proposals
does not see the light of days only about 50% of the valuable ideas generated in the team
workshop are accepted for practical implementation.
8. Master Phase:-
During this phase one new idea from the list of ideas that have been initially turned down by
mgt is taken and, with additional sophisticated fine-tuning analysis and description, presented
to the mgt in such a way that mgt can understand it and implement.
Source: - The Chartered Accountant, Jan 1990. Article by P. Gopal Krishnan.
14. Techniques of Value Analysis:-
Lawrence D. Miles of the General Electric Company who is known as the father
of value analysis has developed a number of techniques after considerable work in this field.
This skilful application of these techniques is helpful in the identification of unnecessary
costs and exploring channels of performance improvement. There techniques are as follows:
1. Work in Specifics
2. Obtain all Available Costs
3. Seek information from the most authentic source
4. Evaluate function by comparison
5. Discuss with specialists and take advantage of their expertise knowledge
6. Use Real Creativity
7. Consult your suppliers for new ideas
8. Use standard parts whenever possible
9. Refine ideas
10. Identify and overcome all road-blocks

11. Get the maximum co-operation
12. The value analysis should always ask him this question

1. Work in Specifics:-
Very often people at the top in an organizing are likely to say, “This is the only methods to
make this item. We have tried other methods but failed.” The best way of tacking such a
situation is to be very specific and not to make a vague statement. People at the top will be
influenced by the specific proposal and it is possible that the right mfg process may be
developed after careful examination. Hence, avoid generalities because they serve only to
prevent changes and protect the status quo.
2. Obtain all Available Costs:-
Information about all available costs should be obtained. It is possible that specific method
may slightly increase cost in one department but may lead to substantial reduction in cots in
other depts., resulting in an overall reduction of costs. Value Analysis mainly concerned with
comparing costs. Therefore relevant costs for each function as may be required for the
analysis should be obtained; and if costs are not readily available, these should be developed
as accurately as possible.
3. Seek information from the most authentic source:-
Information on any aspect of cost, methods of manufacture, finishing, packing etc, should be
obtained from the most reliable source. To get the correct information a question are should
be developed while collecting information, the particular questions that the value analyst is to
ask are:-
1. What is the precise function of the product? How important is this function?
2. What is the cost of the product? Is it not proportionate with its utility?
3. Dew the design of product contributes to value? Is it not possible to eliminate a
par or a component without reducing its use or esteem value? Will a change in the design
of the product head to lower cost?
4. Are all the features of the product essential?
5. Is any better substitute available?
6. Is it possible to reduce cost of material?
7. Are all the labour operations necessary?
8. Is standardization and simplification of products possible.
9. Is it possible that a number of products use common standard parts?
10. Can a standard item be substituted for a non-standard item?
4. Evaluate function by comparison:-
After identifying the function of an item, the natural questions to ask are “How do other
concerns perform the same function? What is their cost? Will the value of the function be
reduced by eliminating unnecessary costs?” This probe will head to a number of alternatives
which can be examined to see if any of then is likely to result in a cheaper but reliable
alternative.
5. Discuss with specialists and take advantage of their expertise knowledge:-
Now-a-days, technology is advancing so rapidly that it is almost not possible for engineers
and others. Working in an organizing to keep abreast of the latest developments. It, therefore
pay to be in touch with a specialist suitable for the specific problem and get his specialized

knowledge without such expertise knowledge status quo will be continued and opportunity of
improving value and reducing cost will be lost.
6. Use Real Creativity:-
Value involves a creative approach for finding out unnecessary costs. The human mind is
capable of developing new ideas which lead to cost reduction by simplifying the existing part
or item to do the same function.
7. Consult your supplies for new ideas:-
As your suppliers are dealing with many others who are in the same line of business, their
ideas and suggestions will be of great help to you.
8. Use standard parts whenever possible:-
Standard parts are in changeable and cheaper than specially made parts because
standard parts are generally made by mass production method leading to reduced costs.
Specially made (non-standard) parts should be used only when it is unavoidable to do so.
9. Refine ideas:-
Only acceptable alternative remains.
10. Identify and overcome all road-blocks:-
Road-block are the difficulties created by one’s colleagues and others who resist
change and fed secure in the existing ways. The resistance to change to new methods and
techniques is principally from ignorance and carefully explaining the proposed method or
technique to the individual concerned who is opposed to change.
11. Get the maximum co-operation from your colleagues in other departments with.
Whom you have to deal. The value analysis should be polite and friendly with every one so
that he may get the fullest co-operation.
12. The value analysis should always ask him this question, “Would he spend his
money in this way?” Such an approach will be helpful in thinking of alternatives that are less
costly.
PRODUCTIVITY:-
One of the inevitable goals of mfg mgt is increased productivity. Many org, ranging
from small business to giant corporations, are experiencing productivity frustrations and
losses. Due to inflation and competition the mgt’s efforts for progress, growth and stability
have been shadowed with doubt, restlessness and disillusionment. The org, have become
crisis oriented. All this in industrial climate has forced the mgt consider whether traditional
way of going the things is working well. Everywhere there is talk of crisis. Managers face
difficult choices and how well they choose will determine how the org will continue. In brief,
managing productivity in org is in crisis. For thus reasons productivity has become most
important mgt issue of present era. Higher levels of productivity are required to serve the
depressing trends in the org.
Productivity & production both are different things. Production is the output of the
productive forces, where as productivity is a measure of the output resulting from a given
input such as the number of radios assembled by a crew in one hour.
Production performance and results are components of productivity effort, but they are
not equivalent terms. Productivity is the measure of how well resources are brought together
in org and utilized for accomplishing a set of results. The concept of productivity relates
outcomes. For this reason, it has been referred to as the ratio of output to input. i.e. the
amount of output per unit of output.
Productivity is a measure that reflects the extent of combination of effectiveness and
efficiency. By increasing the productivity one will reach the highest level of performance
with the least expenditure of resources. How well resources are brought together and utile is
indicated by comparing the magnitude or volume of results often called output with the
magnitude and volume of resources, often called. This ratio of output to input becomes an in
day of the definition and measurement of productivity.
Productivity Index= Output obtained
Input expended
= Performance achieved
Resources consumed
= Effectiveness
Efficiency
The following two parts of the definition of productivity need clarification:-
1) Effectiveness
2) Efficiency
1) Effectiveness:-
Effectiveness refers to accomplishment of a set of targets. Productivity concept
emphasis the accomplishment of set targets. Without a set result there is no productivity. The
accomplishment of targets has to be attempted with regard to costs incurred in the process.
The idea of productivity highlights that accomplishment of targets might have been possible
at the disproportionate sacrifice of input resources. The use of concept of productivity stresses
the accomplishment of set targets but, this ‘effectiveness’ is only part consideration of the
concept of productivity. It demands to find the cost of input resources which made the set
target possible.
2) Efficiency:-
Efficiency stresses how well resources are being used for accomplishment of set
targets. High productivity suggests minimum use of resources. The idea of efficiency and
effectiveness is relatively clarified by following two examples:
a) A fly is killed by sledge hammer. The object is accomplished. The effectiveness is
there, but it is not the efficient way of accomplishing this target.
b) A product is to be delivered a few blocks away. Because a man who need it, it waiting
for it to go to airport. The packet can be delivered by taxi or by foot. The decision is taken to
send it by foot. It package arrives too late and the individual needing the package has left.
The delivery of package is efficient but not effective.
For this reasons productivity relates outcome with the means, which produce these
outcomes. Improvement in productivity means that accomplishment of resources has resulted
with relatively lower sacrifice of input resources.

Illustration of Productivity:
Calculate productivity per machine hour from the following information:
Month Production(Units) Machine hour used
January 50000 5000
February 57000 6000
March 63000 7000
Solution:
Productivity = Output i.e., Output
Input Machine hour used
Productivity per machine hour:
January = 50000 = 10 units
5000
February = 57000 = 9.5 units
6000
March = 63000 = 9 units
7000
It will be clear from the above illustration that the production is not the increase during
the period of 3 months while productivity per machine hour has declined.
Measurement of Productivity:
Measurement of productivity means calculating productivity taking all input factors
together or the productivity of the business as a whole. As material, labour and overhead
effect productivity of the business as a whole it is difficult to express these factor by a
common denominator for measuring overall productivity ,to overcome this differently cost of
different units of input is adopted as convenient measure of productivity. Overall productivity
can be measured by the following formula:
Value of output = Total cost + net added value = 1 + Net added value
Cost of input Total cost Total cost
Overall productivity is also measured by:
Return on capital employed = Profit x 100

Capital employed
= profit x Sales x 100

Sale capital employed
Here, profit = profit before providing on long – term

borrowing and income and income tax
Capital =fixed assets + CA - CL

Factorial productivity
Factorial productivity means the productivity of individual factors
which contribute to the overall productivity and it may be of the following
types:
Labour productivity:
Where most of the work is done by hand labour ,measurement of labour
productivity essential to know the efficiency of labour while calculating
labour productivity all factor labour both direct and indirect should be
included some of the wars of measuring labour productivity or as follows:
i) In term of hours:
1. Output per man hour =Total output
Total man hour
2. Man hour per unit of production =Total man hour

Total output in units
3) Labour productivity or efficiency = Production in std hours

Actual man hour
4) Long time % = Man hour lost x 100
Possible man hour
Added value per unit of labour cost = Add value
Wages
Here,
Add value = Sales value – Material cost i.e. total of wages, overhead and profit
Material Productivity:
Some of the ways of measuring material productivity are given as follows:
i. Material productivity = Material Cost
No. of units produced
ii. Ratio of wastages of material = Wastages of material
Total material consumed
MATRIX:-
In matrix method the most suitable alternative is chosen with the help of an objective
numerical evaluation by simultaneous comparison of suppliers with factors. All the
alternative factors for different suppliers, are given marks by a team of evaluators in various
scales and each scale is given a weight age. The weighted average of the marks obtained
under various scales then gives an objective the following basic steps:-
a. Identify the emphasis factor for the product / item: - These are the
marks given to the item under various performance quality categories and indicate how
efficiently the alternatives are grinded against each other in the various functions. Obviously
the number of sets of emphasis factors is equal to the number of functions.
b. Emphasis coefficients:- Each function is given a weight age according to
its usefulness and this is called the emphasis coefficient and it determined by the group after a
lot of discussion.
c. The sets of emphasis factors are then multiplied by the respective
emphasis coefficients and the respective emphasis coefficients and this product is summed for
all the functions for an alternative. The alternative with the highest score is then chosen as the
product to be purchased.
A product with decreasing return on investment particularly in the maturity stage, is
considered ideal for value analysis.
Suppose we have four samples or four suppliers. A, B, C & D. of an item and that we
have to rate them by value analyzing them in respect of the following fine attributes which
the most important in determining the overall utility or value of the sample:-
1. Price
2. Quality
3. Yield
4. Reliability of the supplier
5. Lead time of supply.
The first thing to do is to compare these five factors or attributes between themselves in
pairs, and give relative weight ages to the various factors. For instance: while campaign
price and quality if quality is considered more important than price by the evaluating
committee more weight age, say.1, is given to quality and less, say 0, to price. Price is than
compared with each of the remaining factors and the relative weight ages are recorded in the
form of a table or matrix.
Similarly, each factor is compared in turn with each of the others and the relative
weight ages are recorded. In this case the number of comparisons made in pair will be (5 * 4)
/ 2= 10 (in general if there are ‘n’ attributes, the number of comparisons will be n(n-1)/2.
weight age given to the different attributes are added up for each attributes and divided by
the total no, of comparisons made to give the attributes weight age coefficient, (A*W/C) for
each attribute.
The next step is to compare the samples, in pairs, in respect of each of the attributes,
giving the superior sample weight ages of 1 and the other 0. As before, the weight ages of
each sample, in respect of the attribute under consideration are recorded in a table and added
up and divided by the no. of comparisons, which will in this case be (4*3)/2= 6, as there are
only four ‘sample weight age coefficient’ (S*W/C) in respect of this particular factor or
attribute. This generates as many materials as there are attributes, in this case five.
In final step the two types of weight age coefficients are combined by multiplying the
attribute weight age coefficient for each attribute by the sample weight age coefficient for
each sample in respect of all the factors taken together that is its acceptability. The total
weight age coefficients or the acceptability of the samples, can then be ranked for final
decision.

The various attributes are listed horizontally in the table and their average weight age
coefficient entered under each. The samples are listed vertically at the left and their sample
weight age coefficient in respect of each attribute entered under the appropriate average
weight age coefficient. The weight age of each of the sample in relation to each of the
attributes is obtained by multiplying the everage weight age coefficient and entered against
each sample in the different attributed columns. These weight ages are taken totaled for the
final ranking of the samples. On the basis of the total weight age or over all acceptability the
ranking is made.
LEARNING CURVE:-
Learning curve is a powerful techniques in value analysis, that offsets increasing costs,
particularly in labour intensive items. It shows the relationship of the no. of units produced
with the labour hours required to produce them and permits the prediction of future costs.
This curve is based on the concept that complex operations become simpler on repetition due
to learning. Each time the total quality of units produced is increased, the cumulative average
hours required to produce the new total quality is a percentage of the original average.
As the quality increases the workers require less time to analyses the job before starting
the work and the operator’s physical motions become more efficient. The costs go down due
to improvement in operational sequences, machine feeds, decreased rejections, better mgt
control, less waste and fewer engineering changes. The 1st step is to identify the learning
factor which may vary between 70% and 90% for most industries.
The learning curve is a formulation of the common sense realization that the per unit
cost of production of a new item decreases as additional unit of that product are
manufactured. The cost should decline with each succeeding unit produced, as the supplier
becomes more skilled, or learns how to make the product. The oftener a worker repeats an
operation the more he improves in speed and efficiency until he reaches the optimum. This
leads to reduced labour costs, and the more complex the process the greater the reduction
and the longer the “learning” will contrive.
The same reasoning applies within limits to materials used in the product with
experience there is less waste or “off-fall” in the process.
“off-fall” is the team used for materials that remain after a piece or pattern is cut from a
material not being large enough to provide material for a second piece or pattern.
Scheduling becomes more efficient exertive supervision is reduced. Tooling
improvement may be expected. In fact, all elements will be lowered according to some
learning curve.
Although the concept was developed in connection with new products, one might
expect that to a lesser extent the learning curve also exist for products in which a company
has had a long history of production. The American productive genius has always prided
itself on constantly improvement curves, progress curves, production functions, and
efficiency curves.
The learning curve concepts originated during World War 2 in connection with studies
of aircraft production. Those making the studies developed the hypothesis that as the
production quantity of an item was doubled the man-hour required for unit declined by a

constant percentage. Crawford and stares in their study of aircraft production found a curve
with an 80% slope. Later studies have arrived at some what comparable conclusions.
In adapting the learning curve concept to an analysis of costs, one must first identify the
factors that bring about a lowering of costs (i.e. factors that affect the slope of the curve) and
then determine the importance of each of the factors.
The factors most commonly found in such analysis are:-

a. Job familiarization and task learning (workers & supervision)
b. Improvement in shop organization & production control.
c. Type of work & methods in use.
d. Product (stage of development & complexity)
e. The ratio of assembly hours to machine hours.
f. Tooling quality and co-ordination
g. The extent of pre-production planning.
(15)Benefits / Advantages of Value Analysis:-

The following are the main advantages of Value Analysis.
1. It is Powerful Tool for Cost Reduction because its basic objective is the identification
of unnecessary costs in a product or service and efficiently eliminating then without
impairing its quality and efficiency.
2. It is a Scientific Tool for Increasing The Productivity of a Concern because it aims
at exploring various alternatives for efficient use of all types of resources in employment and
making available goods and services of the kind and quality most wanted by customers at
lower and lower costs. In this way, the manufacture of most suitable production is facilitated
because value analysis aims at giving highest use value and esteem value to customers.
3. It helps to keep management abreast of the halest technology and other
developments because value analysis aims at examining new methods and techniques of
doing things with a view to reducing the cost and increasing the value of the items.
4. If ensures the fullest possible use of resources because it aims at eliminating all
unnecessary costs.
5. It includes the creative ability of the staff because it involves a creative approach for
finding out unnecessary costs. Creativity develops new ideas which in turn, make available
the least expensive alternative to do the same function.
6. It creates proper atmosphere for increased efficiency because it aims at a continuing
search for improvement in efficiency.
7. It is helpful in any drive for improvement substitution because it explores new
methods and serves the same purpose which imported goods serve. Thus, it is helpful in
saving previous foreign exchange.
8. It can be apply at all stages from the initial design stage of an item right up to the final
stage of its padding and dispatch because it aims at identifying unnecessary costs at all levels
with a view to eliminating than systematically.

9. Customers needs are best served with the help of Value Analysis because it aims at
production of the most suitable products.
10. Value Analysis helps in the implementation of the marketing concept because it tags
emphases on the constant linking of production function with the marketing function.
11. Management effectiveness can be measured with the help of Value Analysis because
any saving in cost is treated as increased efficiency.
(16) Limitations Of Value Analysis:-
Like any other cost reduction techniques Value Analysis also has its limitations. The
common limitations to using Value Analysis techniques and implementation are as follows:-
1. Lack of Motivation
2. Resistance to Change
3. Inertia
4. Lack of Knowledge
5. Lack of Patience
6. The felling that it went work in India
7. We are too Small
8. We are to Big
9. We have tried it before
10. It is too radical a change
11. If it is so goods let our competitors try it first
12. Difficult to get the team meeting for achieving consensus
However, these inhibitions are encouraged only in the initial stages in many organizing. In
view of the inherent potential of cost reduction, there is a growing awareness in many Indian
organizing about this important approach. But Value Analysis should not be considered as a
panacea for all the ills of an organizing or a substitute for the existing technical
incompetence. It should be considered as an aid for cost reduction. Result achieved in one
dept should be given adequate publicity so that more people are interested in Value Analysis.
(17)Value Analysis in India:-
Several organizing have used Value Analysis and are making sizable savings every
year. It brings the much needed technique of plain common sense into the operations by
bringing out on a voluntary basis the best talent in people.
Value Analysis is a team work and if requires inter disciplinary approach. It uses a
confidence building and creative process that results in the generation of value ideas by
tapping the creative human power. It makes emphasize on total system concept and the
studies should be carried out keeping the interests of producers, customers, employees,
traders and the society.
The value analysis team in one steel plan in India found that many of the rigid material
and process specification in some of the intermediate stages were not required for the tasks
for which the steel products are ultimately expected to perform. This has enabled the
organizing to reduce over design. The electrical engineering industry has substituted
indigenously available aluminum for imported copper a major break through resulting in
substantial savings. The DGS & D which boys materials worth about is 3000 crores per year,
has through value analysis saved substantially on just one supplier of inspection lamps. In one
engineering firm value analysis was applied at the design stage of the machines and it
resulted in considerable reduction in maintenance cost. Value analysis has been practiced by
many firms as a policy for import substitution. In the padding of customer goods like tooth
paste, instant coffee, soap, cigarettes, biscuits etc. Value analysis techniques have been
profitably used to bring about economy in packing. Thus value analysis helps to maximize
conservation of scare materials resources and to achieve cost reduction.
REFERENCE
1. A textbook of Cost Accountancy – M N Arora
• Vikas Publishing House Pvt. Ltd. New Delhi
• Second Revised Edition, 1998
2. Manufacturing organization and management
- Harold T Amrine
- John A Ritchey
- Oliver S Hulley
• Prentice Hall of India Pvt. Ltd. , New Delhi
• Third Edition, January 1982
3. Cost Accounting – Principal and Practice
- S P Jain
- K L Narayan
• Kalyani Publishers, New Delhi
• Fifth revised edition, 1999
4. Cost Accounting – Text Book
- V K Saxena
- C D Vashist
• Sultan Chand and Sons
• Fourth Edition,1999( Reprint 2000)
5. Cost Accounting and Financial Management
- P V Rathnam
- Smt. P Lalitha
• Third edition, 2005
• Kitab Mahal
6. Advanced cost Accounting
- B M Lall Nigam
- G L Sharma

• Himalaya Publishing House
• Sixth revised edition, 1998

Advanced Cost Accounting

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UNIT 2 :

VALUE ANALYSIS – A TOOL/ DEVICE OF COST

Sincere Thanks to,

Dr. Prof. P K Rathod

Sr. No. Topic

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(3) Meaning of Cost Reduction

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2. According to Frank J. Johnson,

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(10) Objective of Value Analysis

(11) Items Value Analysis

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(12) Organization Value Analysis

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2. Value Analysis Committees :-

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Overall productivity is also measured by:

Return on capital employed = Profit x 100

= profit x Sales x 100

Here, profit = profit before providing on long – term

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2. Man hour per unit of production =Total man hour

3) Labour productivity or efficiency = Production in std hours

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The factors most commonly found in such analysis are:-

(15)Benefits / Advantages of Value Analysis:-

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