A new British and European Standard BS EN 16271 on functional performance specification (FPS) was published in January 2013. This standard extends the generic standard on Value Management, BS EN 12973. It covers functional expression of the need and functional performance specification. It includes requirements for expressing and validating the need to be satisfied within the process of purchasing or obtaining a product. The standard states the conditions for the successful implementation of the Functional Need Analysis, Functional Need Expression and Functional Performance Specification and determines the compliance requirements for the parties involved. This standard replaces BS EN 12973:2000