What is value engineering? Substituting high-quality components with low-cost components that still meet the product's lifetime duration and basic purpose Engineering products that are not meant to be replaced but have a high cost Substituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purpose Engineering products that are meant to be replaced frequently but have a low cost

Value engineering is the process of improving the value of a product, service, or process by examining its functions and substituting materials, designs, or processes with less expensive alternatives without compromising quality or performance. The goal is to achieve the same or better functionality at a lower cost.<br /><br />The correct answer is: Substituting low-cost components with high-quality components that still meet the product's lifetime duration and basic purpose.