When we go to the store, do we buy things or do we buy what those things will do for us. Of course, we buy what something does for us and how well it does what we want it to
do. That includes performance, quality, and selling features like attractiveness, taste, feel, or smell. Finally, we also look at the price or cost to purchase that item. We normally buy the
product that does the most and costs the least. That is how value practitioners define value: to perform the necessary functions reliably (performance) for the lowest overall cost (life
cycle cost). Knowing a product’s functions and the cost to produce the functions is imperative to meeting the needs and demands of the customer.
Many professionals feel that the main purpose or objective of function analysis is to identify the greatest opportunity for value improvement. Function analysis is actually the
catalyst that helps teams see the functions that underlie a project, product, or process. The aim is to help VM practitioners and users understand proper verb/noun language in order to create a shift in understanding. Proper execution of function analysis by a multi-disciplined team produces a more creative, comprehensive understanding of an object’s functions, enhancing results to achieve or exceed the study objectives.
Reference: Function Analysis Guide, a supplement to the SAVE Body of Knowledge.