In order to remain competitive an organization wishes to achieve cost savings for one of...

Functional analysis is carried out only on existing products and is concerned only with minimizing the cost of the originally defined functions of a product.

Value engineering is a fundamental rethinking and radical redesign of an organization's existing processes.

Target costing is continuously setting new stretch targets while the product is in production.

Value analysis is examining a product's costs in order to achieve its purpose at a reduced cost while maintaining its reliability and quality.

Kaizen costing is seeking to make cost savings by continuously making small incremental cost reductions while the product is in production.