Providing guidance on how MoV will be used on projects

Setting up a strategy for implementing MoV Policy

Establishing an internal resource skilled in the application of MoV

Developing procedures for data capture and feedback

It supports decision-making based on minimizing value for money

It encourages innovation outside of an organization's goals

It facilitates optimal balance between investment and long-term operating expenditure

It removes resources from consideration when reviewing organizational needs

Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

Value Analysis and Value Engineering, while similar, differ in that they employ different process steps