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

Benefits management focuses on maximizing benefits

If used, benefits management should be unrelated to the outputs of a MoV Study

Rewards linked to achievement of value improvements may be used to motivate staff in MoV

A formal benefits management process must be used to monitor value improvements

MoV is running only on a project-by-project basis

The scale of MoV applications become large and frequent enough to justify an internal delivery capability

The organization anticipates that their MoV needs will be minimal and external resource can be procured on an 'as-needed' basis

Senior Management ask to be convinced of the merits of MoV before committing to the process