A Review of Value-Focused Thinking (VFT) Application

This paper is a review of the Value-Focused Thinking (VFT). With the introduction for VFT from 1992 to the present after several decades, VFT was applied in many aspects. Kneey proposed the method to create new ideas for decision-making, which brought tremendous inspiration to people. Especially, the decision-makers have improved decision-making effectiveness. With the application of VFT in the company strategy, the company brought huge economic benefits. In the selection of innovation model, previous methods were different from which is with the focus on value. US Department of Defense used VFT for the procurement of national defense weapons, significantly saving military spending. This paper mainly reviews from the following three aspects of VFT: company strategy, decision model innovation and defense acquisition. In addition, the relationship between VFT and decision-making is discussed.