The architecture, engineering, and construction industry requires methods that link the capture of customer requirements with the continuous measurement of the value generated and the identification of value losses in the design process. A value analysis model (VAM) is proposed to measure the value creation expected by customers and to identify value losses through indexes. As points of reference, the model takes the Kano model and target costing, which is used in the building project design process. The VAM was developed under the design science research methodology, which focuses on solving practical problems by producing outputs by iteration. The resulting VAM allowed the measurement and analysis of value through desired, potential, and generated value indexes, value loss identification, and percentages of value fulfillment concerning the design stage. The VAM permits the comparison of different projects, visualization of the evolution of value generation, and identification of value losses to be eradicated. The VAM encourages constant feedback and has potential to deliver higher value, as it enables the determination of parameters that add value for different stakeholders and informs designers where to direct resources and efforts to enhance vital variables and not trivial variables.