CCC Value Engineering & Value Management 1

Question 1

What is the primary goal of Value Engineering (VE)?

Accepted Answer

Achieve required functions at the lowest life cycle cost

Answer

Increase the project scope to maximize deliverables

Answer

Reduce the project schedule at any cost

Answer

Maximize contractor profit margins

Question 2

In the VE job plan, which phase is dedicated to identifying and categorizing all project functions?

Accepted Answer

Function Analysis Phase

Answer

Creative Phase

Answer

Evaluation Phase

Answer

Development Phase

Question 3

In a FAST (Function Analysis System Technique) diagram, what does moving to the right — the 'How' direction — represent?

Accepted Answer

Lower-order functions and how each function is accomplished

Answer

Higher-order functions and project goals

Answer

Project milestone dates

Answer

Cost breakdown elements

Question 4

In Value Engineering, 'worth' is defined as:

Accepted Answer

The lowest cost to reliably perform a required function

Answer

The market replacement price of a component

Answer

The contractor's bid price for an element

Answer

The depreciated asset value on the balance sheet

Question 5

Which of the following best describes a 'basic function' in Value Engineering?

Accepted Answer

The primary purpose that defines what an item must do

Answer

A function that supports or enhances another function

Answer

A function that can be eliminated without affecting performance

Answer

A function added solely for aesthetic value

Question 6

During which project phase does Value Engineering typically provide the greatest cost savings potential?

Accepted Answer

Early design and planning phase

Answer

Construction and installation phase

Answer

Project closeout and commissioning phase

Answer

Procurement and bidding phase

Question 7

What does SAVE International represent in the context of Value Engineering?

Accepted Answer

The professional society that sets standards and certifies VE practitioners

Answer

Systematic Assessment of Value Engineering, a federal program

Answer

A cost estimating software platform for consultants

Answer

A government-mandated savings verification process