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2. Function Phase - This step includes a review and analysis of the functional requirements of the project in terms of cost, performance, time, and risk. This is beneficial to the VA Study Team as it forces the participants to think in terms of functions and their relative value in meeting the project's need and purpose and thereby facilitates a deeper understanding of the project. 3. Speculation Phase - This phase involves identifying and listing creative ideas. During this phase, the VA Study Team participates in a brainstorming session to identify as many means as possible to provide the necessary project functions. Judgment of the ideas is not permitted in order to generate a broad range of ideas. 4. Evaluation Phase - The purpose of this phase is to systematically assess the potential impacts of ideas generated during the Speculation Phase relative to their potential for value improvement. Each idea is evaluated in terms of its potential impact to performance, cost, time, and risk, and assigned a numeric rank. 5. Development Phase - This step expands and develops highly rated ideas into VA altematives. The development process considers the impact to performance, cost, time, and risk of the altemative concepts relative to the baseline concept. This analysis is prepared as appropriate for each altemative, and the information may include a performance assessment, initial cost and lifecycle cost comparisons, schedule analysis, and an assessment of risk. 6. Presentation Phase - The last step of the VA Study is an informal oral presentation of altematives to the VA Study Team. This is essentially a preview of the altematives and rationale behind them before the draft VA Preliminary Report is published. 7. Implementation Phase - This phase will be completed after the VA Preliminary Report is published and reviewed as described in Task 4 below. The VA Study will adhere to Caltrans and FHWA standards for Value Analysis. There is no written deliverable for Task 2. Task 3: VA Preliminary Report Following the completion of the VA Study, the VA Team Leader will compile the information developed during the VA Study into the Pneliminary Value Analysis Study Report. This report, documenting viable altematives, will be pmvided to the customer within 10 working days of the conclusion of the VA Study. The preliminary report will also contain a VA Study Summary Repo►t —Pr�eliminary Findings, designed to highlight critical elements of the VA Study, including detailed documentation of VA altematives. REV:04-15-15 VR Page 10 of 15 ATTY/AGR.2015.065Nalue Management Strategies, Inc.