The first decade of 21st century witnessed several changes, world wide, in technology management, restructuring and down sizing global trade and competition, international quality standards, information exchange, lean manufacturing and virtual enterprises etc. In this age of globalization, the survival of any industry mainly depends on its cost of production and quality of its products. With the rapid growth of competition and shrinking product life cycle value engineering has become an essential tool for attaining a competitive edge. This volume provides a logistic view of value engineering. The chapters written by experts in their respective fields are organized into different sections covering. Basic concepts of value engineering Information Technology and Value Engineering Systems Situational Case Studies / Industrial Examples Role of value engineering in profit improvement and effectiveness.