Value Engineering (VE) is a systematic process that involves a team of experts from different fields who look at every part of a project to find ways to cut costs, improve performance, and reduce risks. It helps to identify the poor values and maximize the functional performance and quality of a project, product, or service while minimizing costs. Fused Deposition Modeling (FDM) is an Additive Manufacturing (AM) process that builds 3D objects in a layer-by-layer fashion, where it melts and deposits a thermoplastic filament material onto a build platform. This paper conducts a Value Engineering (VE) function analysis of an FDM 3D printer, focusing on assessing its core functions and performance. Defining these functions and applying numerical evaluation techniques reveals areas of suboptimal performance. Employing a function cost matrix and the Value Improvement Potential (VIP) index, critical areas for improvement are prioritized. The study reveals specific shortcomings in the examined FDM printer performance relative to its intended functions. This research contributes to optimizing FDM 3D printing technology, providing valuable insights for enhancing functionality and reliability, with potential implications across diverse industries.