Value studies are conducted across a variety of application types in various sectors. This guide provides a basic understanding of the value study process and how it is applied to programs and projects. The purpose of this booklet is to outline the essential steps of a typical value study and to enable the consensus-building and decision-making processes. While the language of this guide applies particularly to "hard" projects, it is also directly applicable to "soft" projects and problems of business management. After all, most "hard" projects arise from, or support, "soft" projects. More information on the topic of improving project performance and value may be obtained in the other publications in this series. Persons new to the value study process will quickly gain an insight to what is involved in participating in a study and particularly the value workshop. For "old hands," the guide will act as a convenient aide-memoire for the content and order of each step in the value study process. By acquainting all participants of the process and requirements of a value study, maximum effort can be applied to the specific problem (opportunity) under consideration.