Value Engineering (VE) is a master methodology for designing and manufacturing products of all kinds. It is equally applicable to processes as well. It was founded by iconic GE engineer, Lawrence Miles, during 1940's, to cope with production pressures during World War II. It is rendered in its original, yet modernized form. VE identifies and eliminates all wasteful expenditures (apparent and hidden) while concurrently raising the functional performance of the product or process. VE, often used interchangeably with FCA (Function Cost Analysis), is rendered by two case studies, manufacture of a flat spring contact (outline format) followed by modifications in a plant producing automatic circuit breakers (semi-detailed format). All important definitions in VE scheme are listed and explained.