Risk management is a critical aspect of Implementation Planning in Value Methodology (VM), as it ensures that VM proposals can be successfully executed, as taught in the VMF 1 course (Core Competency #8: Implementation Planning). According to SAVE International’s Value Methodology Standard, “risks associated with a project, product, or process typically impact schedule, cost, or performance.” This is often referred to as the “project management triangle” or “triple constraint,” a fundamental concept in project management that VM adopts when assessing risks during the Development and Presentation Phases.

Schedule: Risks that cause delays (e.g., late delivery of materials).

Cost: Risks that increase expenses (e.g., unexpected cost overruns).

Performance: Risks that affect quality or functionality (e.g., a proposed solution failing to meet requirements).

The VMF 1 curriculum emphasizes that VM teams must identify and mitigate risks in these three areas to ensure the feasibility of their recommendations, making this the most relevant framework for understanding risk impacts in a VM context.

Option A (Schedule, cost, or performance) is correct, as it directly aligns with the standard risk impact areas in VM and project management.

Option B (Cost, requirements, or results) is incorrect because, while cost is relevant, “requirements” and “results” are less specific than “schedule” and “performance” in the context of VM risk management.

Option C (Resources, regulations, or time) is incorrect because, while time (schedule) is relevant, resources and regulations are more specific factors that contribute to broader impacts on schedule, cost, or performance.

Option D (Time, function, or attributes) is incorrect because, while time (schedule) is relevant, “function” and “attributes” are not standard risk impact categories in VM; performance is the broader term used.