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.