The School of Mechanical Engineering welcomes University of Illinois at Urbana-Champaign Emeritus Professor Harry Cook on the metrics of value, cost, and speed for the engineer and the customer.

Abstract
Value Engineering is widely used before a final design is released whereby current plans undergo a detailed microscopic study to find additional ways of reducing costs. The attributes deemed critical to value by the customer remain fixed during the exercise, which limits the scope and power of the methodology to cost reduction. The ad hoc definition used by value engineers for value is also restrictive. Fortunately, economic theory provides a more rigorous approach to defining value based upon willingness-to-pay considerations that is much more expansive. For example, its use allows the domain of interest and skills of the value engineer to extend backwards in time to include the early, system level design process where both value and cost are fluid and the need for making the right trade-off decisions most critical. Moreover, on taking this approach, value engineering, QFD and Taguchi methods coalesce into a single formalism. The metrics of value, cost and speed are deemed fundamental because they drive the bottom-line metrics of demand, price, and profit. Several case studies will be presented.

Biography
Dr. Cook is a member of the National Academy of Engineering, a Fellow of the Society of Automotive Engineers, and a Fellow of ASM. While Head of the Department of General Engineering, he set the vision for the M.S. and Ph.D. programs in Systems and Entrepreneurial Engineering. Earlier, as a member of the Department of Mechanical and Industrial Engineering, Professor Cook held the Grayce Wicall Gauthier and later the Joseph Gauthier Professorships. Originally a theorist in materials science, his current interest is in the broad aspects of product/technology management including product planning, value analysis, marketing research, design and analysis of strategic experiments, and financial bubbles generated by value speculation. He has published over 40 research papers and written three books, based largely upon the findings of his research group at the University of Illinois. Dr. Cook has also held a variety of research, engineering and management positions during 17 years in the automotive industry. He was a member of General Motor's Science Advisory Council from 1999-2007.