What is the difference between Value Management and Value Engineering?

Value analysis is "A Systematic and objective evaluation of the value of a goods or service, focusing on analysis of function relative to the cost of manufacturing or providing the items or service". value analysis provides insight into the inherent worth of final goods or service, possibly altering specifications and quality requirements that could reduce costs without impairing functional suitability. Value engineering is "Value analysis conducted at the design engineering stage of the product development process." In summary value analysis refers to the analysis of an existing product, service or administrative process while Value engineering refers to the same analysis applied to the product ,services or administrative processes that are under design and have not been finalised.