The TOC is developed by costing the Project Proposal that the Proponent develops during the TOC development phase to address the Owner's VfM Statement.
This is an iterative process and the Proponent's proposal will require adjustments arising from the collaborative interactions in the TOC development phase. Furthermore, the proposal may offer additional benefits relative to those sought and defined in the Owner's functional specification/requirements. These benefits constitute part of the Proponent's offer in its Project Proposal and accrue to the Owner.
The Project Proposal developed by the Proponent may need to be adjusted during the project delivery phase. These changes, in response to changing conditions or new information, may be beneficial and should be made wherever they are best-for-project and should not constitute a scope change that results in an adjustment to the TOC ('TOC Target Adjustment').