Value engineering is a proved tool for reducing costs and increasing the value of your products. This has a direct bearing on improved competitive position in the market place and increased profit margins. This tool is an organized effort, is oriented to function, involves overall costs, and is inter-disciplinary in nature. The paper takes you from selection of items for study, through functional analysis, to implementation of proposals. Reasons for high costs and suggestions for avoiding roadblocks to change are discussed because of the importance in understanding the human aspects of reducing costs and improving value.