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IMMEDIATE RELEASE

Release No: 554-06
June 15, 2006

Defense Department Presents Value Engineering Achievement Awards

Under Secretary of Defense for Acquisition, Technology, and Logistics Kenneth Krieg, presented the annual Department of Defense Value Engineering Achievement Awards during a ceremony today at the Pentagon.

Value Engineering is a systematic process of function analysis to identify actions that reduce cost, increase quality, and improve mission capabilities across the entire spectrum of DoD systems, processes, and organizations.  The Department of Defense Value Engineering Program continues to be an incentive for government and our industry counterparts to improve the joint value proposition by promoting innovation and creativity.  These innovative proposals seek best value solutions as part of a successful business relationship.  During fiscal year 2005, 3,047 in-house Value Engineering Proposals and contractor-initiated Value Engineering Change Proposals were accepted with projected savings/cost avoidance in excess of $924 million.