The approach to implementing Management of Value (MoV) within an organization is a strategic process that begins with a foundational understanding of what the organization values. The first stage involves engaging with senior management to comprehend the organizational environment and strategic objectives. This allows for the clear articulation of what 'value' means in that specific context. This initial step, "Understand and articulate value," is crucial for aligning all subsequent MoV activities and embedding a value-focused culture. It precedes the application of specific MoV processes on projects or programmes and sets the direction for the entire implementation plan.

B. "Tailor MoV activity to suit the subject" is one of the seven MoV principles that guide application, not a distinct stage in the implementation approach.

C. "Frame the programme or project" is the first of the seven MoV processes applied during a specific MoV study, not a stage of organizational implementation.

D. "Apply MoV throughout the investment decision" is also one of the seven MoV principles, defining the scope of application rather than being an implementation stage.

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

For Correct Answer (A): Chapter 7, "How to implement MoV," Section 7.2, "The approach to implementation," outlines the first step as "Understand the environment and senior management objectives." This directly corresponds to the concept of understanding and articulating value as the foundational stage.

For Incorrect Options (B and D): Chapter 2, "What is MoV?", Section 2.2, "The MoV principles," lists "Tailor MoV to suit the subject" and "Apply MoV throughout the investment lifecycle" as guiding principles, not implementation stages.

For Incorrect Option (C): Appendix C, "The MoV process," and Chapter 4, "How to apply MoV," Section 4.2, "The MoV pathway," identify "Frame the programme or project" as the first process within an MoV study.