TY - CPAPER AB - This paper presents a methodology combining Failure Modeand Effects Analysis (FMEA) and Value Engineering (VE),assisted by a set of hierarchical Functional Analysis Diagram(FAD) models, and its pilot introduction in a UK-basedmanufacturing Small Medium Enterprise (SME). Theproposed methodology suggests the parallel execution of bothprocesses, using a combination of FAD models and the FMEAtabular tool to yield results for both FMEA and VE. Theresulting Risk Priority Number (RPN) is used to identify andprioritize not only the high-risk components requiringimprovements (highest RPN values), but also the potentiallysuperfluous components (lowest RPN values) that could besafely downgraded to reduce unnecessary costs. AU - Childs,PRN AU - Michalakoudis,I AU - Harding,J PY - 2016/// TI - Using functional analysis diagrams for production cost optimization UR - http://ieeexplore.ieee.org/document/7840198/ ER -