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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.