What is Target Value Design (TVD) and how is it implemented?

Target Value Design sets cost target as design constraint rather than design output. Implementation: (1) Establish target cost based on market research, owner capability, benchmarking - typically 10-20% below market estimate, (2) Collaborative design - integrated team of owner, designer, contractor continuously evaluates cost impact, (3) Set-based design - explore multiple options before converging, (4) Continuous estimating - real-time cost tracking against target, (5) Value engineering throughout - challenge assumptions, innovate, (6) Cross-functional trade-off decisions. TVD requires integrated project delivery and changes traditional design-then-estimate approach. Achieves better value alignment with owner goals.