The Power of FAST in Value Management

A company's success is not dependent on innovative product alone. To be successful a company must learn creative organization concepts that will help them react quickly and effectively to business opportunities. Function Analysis System Technique (FAST) is a powerful analysis process used by most Value Engineers to analyze the functions and reduce the cost of physical components, assemblies, hardware products and construction projects. However, FAST is also an excellent innovative process for business systems and planning activities. This paper focuses on the “soft side” of Value Management (VM) and how to use FAST, an effective mapping technique, to extend VM beyond products or construction applications into the management of a business. An overview of the FAST process is provided as a backdrop for the innovative process presented. However, it is assumed that the reader has a basic understanding and working knowledge of FAST and function analysis.