So the key features of value engineering are that: it is an organized approach; its focus is to reduce or get rid of unnecessary costs; it seeks to maintain and enhance the quality to satisfy customers; and, it may involve redesigning the process, improving the input, and/or enhancing the product design. Does anybody want to add to that?

Suppose, in carrying out "value engineering", you hear your colleagues say the following:

After all, value engineering is just a trade-off between costs and quality. Why are we spending so much time meeting and discussing it when it just involves cost-cutting? We will just drop a function or two of the product, and that's it! Besides, the product was already designed when it was created; so what is left now to redesign? Moreover, if we improve one feature of the product, we will have to improve all of the features.

How many of these statements are actually true?