(a) In general

Each executive agency shall establish and maintain cost-effective value engineering procedures and processes.

(b) ''Value engineering'' defined

As used in this section, the term ''value engineering'' means an analysis of the functions of a program, project, system, product, item of equipment, building, facility, service, or supply of an executive agency, performed by qualified agency or contractor personnel, directed at improving performance, reliability, quality, safety, and life cycle costs