Value Management - Vocabulary - Terms and definitions

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.