16885J/ESD35J-NoV18,2003 Value: A Symbolic Representation f(performance Value (cost). f (time Similar to definition developed by value engineers, value function/cost Value defined by the customer for each system or product Comprised of specific performance, cost schedule metrics with weightings representing customer utility functions and normalizations for consistency Source: Murman, E.M., Walton, M, and Rebentisch, E " Challenges in the Better, Faster, Cheaper Era of Aeronautical Design, Engineering and Manufacturing", The Aeronautical Journal, Oct 2000, pp 481-48916.885J/ESD.35J - Nov 18, 2003 Value: A Symbolic Representation Value = f p( performance ) fc(cost)x ft(time ) • Similar to definition developed by value engineers, value = function/cost • Value defined by the customer for each system or product • Comprised of specific performance, cost, schedule metrics with weightings representing customer utility functions and normalizations for consistency Source: Murman, E.M., Walton, M., and Rebentisch, E. “Challenges in the Better, Faster, Cheaper Era of Aeronautical Design, Engineering and Manufacturing”, The Aeronautical Journal, Oct 2000, pp 481-489