Abstract:The purpose of Value Engineering is that using the lowest life cycle cost, realize the necessary function in a reliable way, it is an activity to mainly study the function of the product or service. Functional analysis is the core of value engineering. In SPD product development, using the method of value analysis to analyze and evaluate function based on combination SPD (MOV+R+TVS), to re-recognized the main function of every components, analyzes the practical cooperation between the components , so as to optimize design and reduce costs, improve the value of the product .In the process of the whole function analysis, there will be a new discovery.