A systematic approach in analysing the product and process design, with the aim of eliminating any non-value-added elements, to achieve the target cost is known as:

A) component level target costs.
B) value engineering.
C) strategic cost reduction.
D) cost reduction objective.

Value engineering is a systematic approach to reduce costs in the product and process design by eliminating non-value-added elements. It involves identifying functions of a product, understanding the cost drivers, and making decisions to reduce the costs without compromising on the quality or functionality. Option A is incorrect as component level target costs are a part of target costing methodology and not a systematic approach in analysing the product and process design. Option C is too broad and not specific to the process of eliminating non-value-added elements. Option D is incomplete and does not provide an explanation of the systematic approach.