An organized effort directed at analyzing the function of systems, products, specifications, standards, practices, and procedures for the purpose of satisfying the required function at the lowest total cost of effective ownership consistent with the requirements for performance, reliability, quality and maintainability.
Value Analysis
Vendor
Someone who sells something; the seller in a business transaction. VPF uses the term Supplier.
See Supplier Search for a list of MIT's preferred suppliers.
Veteran-Owned Small Business Concern
Defined as a small business that is at least 51 percent owned, controlled and operated by one or more veterans. Controlled is defined as exercising the power to make policy decisions. Operated is defined as actively involved in the day-to-day management.
Virgin Product
A product that is made with 100 percent new raw materials and contains no recycled materials.
Volatile Organic Compounds (VOCs)
Compounds that evaporate easily at room temperature and often have a sharp smell. VOCs can come from many products, such as office equipment, adhesives, carpeting, upholstery, paints, solvents, and cleaning products. Some VOCs can cause cancer in certain situations, especially when they are concentrated indoors. VOCs create ozone, a harmful outdoor air pollutant.