The systematic review of specifications, materials and processes, and systems, in order to optimise fitness for purpose at lowest overall cost. The process, also called ‘value engineering’, involves challenging designs, standards and processes and exploring whether the cost could be reduced without reducing quality.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.