‘Value Engineering’ is a proven technique to improve the operational cost and help in innovation of products performance of industries. This technique focuses on identification of solutions based on functional requirement while optimizing cost. Very recently, TRF observed the birth anniversary of Lawrence D Miles, popularly known as ‘Father of Value Engineering’. LD Miles is highly regarded for his immense contribution in the field of value engineering. He was the first person to practice ‘Value Analysis’ while working as purchase executive with GEC, USA, during World War-II, when there was scarcity of important material and spares were not available. He gave importance to ‘functions’ and not ‘products’ and achieved the desired output at lower cost, without compromising performance.
Lawrence D Miles’ birth anniversary was celebrated jointly by Tata Steel, TRF and INVEST in the company’s JRD Tata Learning Centre. Participants from companies like Tinplate Company of India Limited (TCIL), Tata Motors and JUSCO also attend the function. The celebration was inaugurated with a release of colorful balloons in the air.
The event included a skit on Miles’ contribution, magic show on VE, knowledge sharing sessions were conducted by the eminent professionals, case studies from TRF and JUSCO were shared, quiz, and models and books on VE were displayed.