Define 'value engineering' in the context of product design.

Value engineering, in the context of product design, refers to the systematic approach of analyzing the functions of a product to enhance its value while maintaining or improving quality. This process involves evaluating the costs and performance of materials and components to identify opportunities for better functionality or cost savings without compromising the product's integrity or performance. It aims to provide the best value for both the manufacturer and the consumer by optimizing resources, reducing unnecessary expenses, and ensuring that every component contributes meaningfully to the product's purpose and effectiveness.

The focus is on delivering a product that not only meets consumer needs but does so efficiently and economically, making choice B the most accurate definition of value engineering.