Define Value, Value Chain and Value Analysis. Describe procedure of Value Analysis/Value Engineering. List out the benefits of Value analysis.  

Value:
Value refers to the worth, usefulness, or importance that a product or service provides to customers. It is the perception of the benefits received relative to the cost incurred. Value can be measured in terms of quality, functionality, performance, features, and customer satisfaction.

Value Chain:
A value chain is a series of activities that organizations perform to deliver a product or service to customers. It includes all the activities involved in the design, production, marketing, and delivery of the product or service. The value chain concept was introduced by Michael Porter and highlights the interconnectedness of activities that add value to the final product.

Value Analysis:
Value analysis, also known as value engineering, is a systematic process of _________ ______ ________ ______ ______.
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