Value Engineering & Value Management Flashcards
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Read the first 7 Value Engineering & Value Management flashcards as text
In the creative phase of the VE job plan, which technique is most commonly used to generate a large number of alternatives?
Answer: Brainstorming
Brainstorming is the primary technique in the creative phase, generating the maximum number of ideas without judgment or criticism before evaluation begins.
Life Cycle Cost (LCC) analysis in Value Engineering is used primarily to:
Answer: Compare total costs of alternatives over their entire useful life
LCC analysis compares total ownership costs — including initial, operating, maintenance, and disposal costs — over the useful life of alternatives to support objective VE decisions.
The value ratio in Value Engineering is expressed as:
Answer: Function divided by Cost
Value in VE is the ratio of Function (performance) to Cost; value improves by increasing function, reducing cost, or both simultaneously.
A Value Engineering Change Proposal (VECP) is best described as:
Answer: A formal proposal to modify design or methods to reduce cost while maintaining function
A VECP is a formal contractor-initiated proposal to modify design, specifications, or methods to reduce costs while meeting all performance requirements, with savings typically shared between owner and contractor.
During the evaluation phase of the VE job plan, the creative ideas are typically assessed using:
Answer: Weighted evaluation criteria matrices or screening tools
The evaluation phase uses weighted criteria matrices or screening tools to objectively rank and filter creative ideas based on feasibility, savings potential, and technical merit.
A FAST (Function Analysis System Technique) diagram is primarily used in VE to:
Answer: Identify and relate project functions in a logical 'How/Why' hierarchy
A FAST diagram visually organizes project functions in a hierarchical structure using 'How/Why' logic, helping the team understand functional relationships and identify unnecessary cost.
In the development phase of the VE job plan, the VE team's primary activity is to:
Answer: Develop promising alternatives with sufficient technical and cost detail to evaluate feasibility
The development phase elaborates on the most promising VE alternatives with full technical analysis, life cycle cost estimates, and implementation considerations to support formal recommendations.