SAVE International Value Methodology VMA Question # 2 Topic 1 Discussion

A Value Methodology (VM) study is a structured effort that applies the VM process to improve the value of a project, product, or process by optimizing the function-to-cost ratio. According to SAVE International’s Value Methodology Standard, a VM study is defined as “a systematic application of recognized techniques by a multi-disciplined team to identify the functions of a project or process, establish a worth for each function, and develop alternatives to achieve those functions at the lowest overall cost while maintaining performance.” The VMF 1 course emphasizes that a VM study follows the six-phase VM Job Plan (Information, Function Analysis, Creative, Evaluation, Development, and Presentation) to systematically improve value, making it a structured effort.

Option A (structured effort using the VM process) directly aligns with SAVE International’s definition of a VM study, focusing on the systematic application of the VM process to enhance value.

Option B (must be led by a Certified Value Specialist) is incorrect because, while a Certified Value Specialist (CVS) often leads VM studies, the VMF 1 course and VMA certification allow non-CVS team members to participate in and contribute to VM studies under guidance, meaning it’s not a requirement.

Option C (undertaken after the design is completed) is incorrect because VM studies can be conducted at various stages of a project lifecycle—concept, design, or implementation—not only after the design is completed. The VMF 1 course highlights that early application of VM yields the greatest benefits.

Option D (business improvement best practice) is a broader statement and not specific to the definition of a VM study, though VM can contribute to business improvements. It does not best describe a VM study compared to Option A.