The Management of Value (MoV) framework is structured around seven principles and seven processes. The processes provide a pathway for applying MoV within a programme or project. "Frame the programme or project" is the first of these seven processes. It involves understanding the strategic context, objectives, and key stakeholders to establish a solid foundation for all subsequent MoV activities. The other options listed are MoV principles, which are the guiding obligations and good practices that determine whether MoV is being applied effectively, rather than being distinct, sequential process steps.

A. "Learn from experience and improve" is one of the seven MoV principles, which guides the overall approach, not a specific process step.

B. "Tailor MoV activity to suit the subject" is a MoV principle that emphasizes adapting the framework, making it a guiding rule rather than a process.

D. "Focus on functions and required outcomes" is a core MoV principle that directs how value should be perceived and analyzed, not a process itself.

1. AXELOS. (2010). Management of Value (MoV). The Stationery Office (TSO).

Page 23, Section 3.3, "The MoV processes": This section explicitly lists the seven MoV processes, with "Frame the programme or project" being the first.

Page 13, Section 2.3, "The MoV principles": This section details the seven MoV principles, which include "Focus on functions and required outcomes" (Principle 2), "Tailor MoV to suit the subject" (Principle 5), and "Learn from experience and improve" (Principle 6). This confirms that options A, B, and D are principles, not processes.