2.1 Introduction2.2 Historical Background2.3 Definitions, Terminology and Practice – Phase 1: 1947 to 19632.4 Definitions, Terminology and Practice – Phase 2: 1963 to 19892.5 Definitions, Terminology and Practice – Phase 3: 1989 to 20142.6 The Project, Portfolio or Programme of Projects2.7 The 1998 International Benchmarking Study of VM and VE2.8 Standards and Procurement Guidance2.9 International Research into Value Management2.10 Implications for Value Management and Value Studies2.11 ConclusionsReferences