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Value engineering is an organized creative technique to analyze the function of a product or a system for achieving the required function at minimum cost along with required performance, reliability, maintainability, appearance, safety etc. Value engineering has been proved to be a very effective tool of materials management and cost reduction in modern industry. It proceeds with the analysis of the value or the utility of the product and then to investigate as to how the value can be improved or if the part can be eliminated or replaced by any other part of the same value (utility) or lesser cost. The paper presents the application of value engineering to minimize rework in ship construction and reduction of cycle time of a project.