XYZ is an engineering company that manufactures Pencils. Activities used to manufacture this product are processing the graphite, making wood casings, inspection, testing, storage and transportation. 8000 units is a monthly demand of this product on ABC Company. Suppose that you are working as a final year apprentice in this company and you have been asked to carry out a value analysis exercise on this product. Make a value analysis for this product (using 5-phases of value analysis). Eraser Metal band Cost in Rs. 1.0 Graphite (A) Wooden case (B) Metal band (C) Shaping wood (D) Printing (E) Paint (F) Eraser (G) Wooden case 1.0 0.75 0.5 0.7 0.5 0.55 Printing Paint Graphite You should then: 7. Investigate and record the reasons for poor value for your given product; this could include aspects such as a lack of innovation within the organisation or factors such as poor communication. 8. Use your investigation as a starting point to complete and record a value analysis exercise for your given engineering product. Your value analysis should be divided into five distinct sections: information phase; analysis phase; creative phase; evaluation phase; and development and reporting phase. 9. Include information about the key issues relating to the engineering activity, including costing for the processes that make up the activity. You should determine which processes add value, and which non-value added processes are. 10 Evaluate the outcomes of your value analysis exercise to suggest and prioritise possible improvements for your given engineering activity and its processes. 11. Evaluate your findings from the quality management/standards report and the value analysis exercise to identify which areas can increase the profitability and efficiency of the process being investigated. In doing this, you should suggest methods to improve the activity, and identify those aspects that will offer the greatest benefit to the organisation, using evidence to back up your suggestions.