This document aims to:
a)   guide and give ideas for leaders, managers, and teams to plan the deployment of Value Management approaches and effective application of Value Management core / specific methods;
b)   help organizations improve performance, productivity, profitability and effectiveness;
c)   address Value Management at the managerial level;
d)   support people in strengthening value culture;
e)   give guidance for strengthening Value Management and Value Management methods at different levels within the organization;
f)   identify the conditions for effective Value Management;
g)   give guidance for value-based decision-making;
h)   stimulate and support innovation; and
i)   establish a basis for developing training and certifying procedures for individual competences in Value Management.
Figure 1 presents the envisaged organization of documents relative to the Value Management field and the standards available at the CEN level for all users of this document.
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Figure 1 - Documents in relation to Value Management
A system for certification of individual professional competence is maintained by the National Value Associations in Europe. The qualification "Professional in Value Management" (PVM) is recognized across Europe by National Value Associations as an indicator of competence. This qualification is also recognized in other countries outside Europe.

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This European Standard defines language for optimising performance and productivity by using Value Management.
This European Standard defines terms in Value Management (VM).
This European Standard aims to:
—   Promote and define common language for Optimising Performance and Productivity by using Value Management;
—   Define the main terms of the “Value Management (VM), Value Analysis (VA), Function Analysis (FA)” field;
—   Define terms for important methods and tools;
—   Establish a single source for generic terms;
—   Create accessible language for international communication;
—   Publish useful definitions for specialists and non specialists;
—   Clarify differences which may exist in language where a word in common use is used to signify a specific meaning in Value Management;
—   Reduce the risk of inconsistency between standards applied internationally.
he risk of inconsistency between standards applied internationally.

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This European Standard is a tool to be used by any partner wishing to draft and make use of the reference of any need to be satisfied. In light of this purpose, it:
a)   states the interests and fields of application of the Functional Need Analysis, Functional Need Expression and Functional Performance Specification concepts;
b)   determines the contents requirements of the functional need expression structured in four main bodies:
1)   global definition of the need;
2)   definition of the strategic elements and the consolidation of needs;
3)   highlighting of principles, and concepts chosen beforehand, if any;
4)   description of the functions to be provided and of the constraints to be complied with.
c)   determines the requirements on the composition and contents of a functional performance specification and those used to assess its quality, i.e. requirements concerning:
1)   its contents and structure;
2)   the assessment of the characteristics which define its quality.
d)   precisely specifies, in the form of requirements:
1)   the conditions for a successful Functional Need Analysis (FNA) action producing a deliverable called Functional Need Expression (FNE);
2)   the conditions for drawing up a successful functional performance specification (FPS) based on the available functional need expression (FNE);
3)   the conditions of use of the FPS by the inquirer and the various partners involved (the provider for example);
e)   specifies the various conditions of use of these concepts.
This European Standard is applicable in principle to all product types and dimensions (from the elementary tangible object to the definition of an organisation and its strategy, including the systems or processes and activities implemented by an organisation) and to all sectors of activity (including the service sector). Lastly it is applicable within the framework of relationships between external partners (between a customer and its providers) or internally (between two entities of the same organisation for example).

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This document presents Function Analysis (FA) and specifies requirements for Function Analysis and its deliverables. It presents the two distinct areas of application, namely, Functional Need Analysis (FNA) relating to understanding the need, setting goals and Technical Function Analysis (TFA) relating to selecting and developing a solution. It specifies requirements for the basic characteristics of the deliverables within FNA and TFA and expands requirements, guidance and recommendations about FA expressed in the Functional Performance Specification Standard, EN 16271, and in the Value Management Standard EN 12973.
This document provides an essential reference and support for any person wishing to improve the efficiency, effectiveness and overall performance of their organization. It aims to support sustainable development in an organization. FA offers an opportunity to enhance skills of people involved.
In order to present the conditions for implementation and development of FA deliverables, this document:
-   introduces the interests and fields of application and presents a variety of situations in which FA is used in support of projects of all types and sizes;
-   specifies essential conditions for successful FA, including roles and responsibilities of the people involved, monitoring the performance of the FA team, processes for validation and verification and supply of valid and verified deliverables; and
-   specifies requirements for FA and the basic characteristics of FA deliverables whilst outlining methods, and tools for the realization of the deliverables.
FA is progressed using the following.
-   Functional Need Analysis (FNA): support for the process of identifying and understanding the need, defining objectives, and setting the goal to be achieved;
-   Technical Function Analysis (TFA): support for design or research processes and evaluation of solutions; and
-   Iteratively focusing on the FNA and TFA by revisiting the identified need, balancing capabilities of available technologies, resources and constraints, achieving the most desirable outcome.
In the area of Functional Need Analysis (FNA), this document sets out FNA requirements for the deliverables to establish the Functional Need Expression (FNE). The FNE can serve as a basis for establishing an understanding of the expressed need, the complete list of User Related Functions (URF’s), constraints and interfaces. These deliverables serve as a basis for identifying, organizing, characterizing and prioritizing functions and function interfaces. These deliverables can also support preliminary risk and reliability studies, economic studies, impact assessments and development of Functional Performance Specifications (FPSs).
In the area of Technical Function Analysis (TFA), this document sets out requirements for TFA deliverables which aim to satisfy the need, expressed in the FNE. The TFA deliverables are focused on analysing existing and potential solutions, identifying a complete list of the PRFs to meet the FNE; evaluating concepts and making a choice for a solution then optimizing the Product Function Architecture (PFA) to identify the "best" solution.

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The purposes of this standard are: - to establish a common basis for management to implement and practice Value Management; - to help team leaders and team members to practice the methods; - to establish a basis for developing training and certifying procedures for individual competencies in Value Management; - to establish a basis for Value Management contractors to provide services; - to establish a basis for certifying companies and organisations; - to improve the quality of Value Management and stimulate innovation in its use; - to improve communication through the use of common terminology.

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This document defines the specific terms of Value Management (VM).

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This standard defines terms on Value Analysis (VA) and Functional Analysis (FA).

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