Final answer:
Value analysis is the term used to describe the methodical investigation of all components of an existing product or service to discover and eliminate unnecessary costs while maintaining effectiveness.
Step-by-step explanation:
The term used to describe the methodical investigation of all components of an existing product or service with the goal of discovering and eliminating unnecessary costs without interfering with the effectiveness of the product or service is Value analysis. Value analysis involves analyzing each component, process, and function of a product or service to determine if there are better and more cost-effective alternatives. This process helps identify areas where costs can be reduced without compromising the quality or functionality of the product or service.