Creating value based on customer needs has become an important source of competitive advantage, and has caused a shift from “push” to “pull” strategies for bringing products to the customer. This chapter addresses the basic concepts and rationale of value analysis. It identifies the four phases of the technique and will provide a common list of techniques utilized in this methodology. Originally developed to identify and eliminate unnecessary costs without reducing product functionality, reliability, durability, or appearance, its use today and in the future will assist team members who strive for improvement. The value analysis is a cross-functional, consensus-based, team-and problem-oriented process whose success depends upon the support and encouragement they receive from their management. For more information the reader is encouraged to see Fowler (1990), Freeze (1994), and Patterson (1995).