By Bob Rude, PE, CVS-Life
This month we highlight the difference between two closely worded terms that have completely different meanings. These terms are “Function Analysis” and “Functional Analysis.”
Recently, we have seen an increased use of the term “Functional Analysis”, which in the context of the Value Methodology, is wrong.
Functional analysis is a branch of mathematics concerned with infinite-dimensional vector spaces (mainly function spaces) and mappings between them. The spaces may be of different, and possibly infinite, dimensions. These mappings are called operators or, if the range is on the real line or in the complex plane, functionals.
The correct term, “Function Analysis” is defined in SAVE International’s Body of Knowledge and the new Function Analysis Guide. As Certified Value Specialist (CVS), we are recognized as experts! Using an incorrect term does not support the perception of expertise.
We have seen misuse of the term in value study reports submitted for experience qualifications, CVS original papers, Value Summit paper presentations and examinations.
If the term “functional analysis” is used in any item you submit for certification approval, your score will be reduced.
If you see or hear anyone misusing the term, please take a minute to educate the person in the usage with a little humor!
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