CCE CCE Value Engineering & Analysis 2

Question 1

Which VE Job Plan phase involves comparing alternatives against criteria to select the best candidates?

Accepted Answer

Evaluation phase

Answer

The Evaluation phase assesses and ranks the generated ideas against established criteria such as cost savings, feasibility, and risk.

Question 2

In Value Engineering, an 'unnecessary function' is one that:

Accepted Answer

Increases cost without adding required performance or reliability

Answer

Unnecessary functions add cost without contributing to the required performance, reliability, or aesthetic goals of the project.

Question 3

A VE team identifies that a component costs $500 but its worth is $200. What is the value index?

Accepted Answer

0.40

Answer

The value index is Worth / Cost = $200 / $500 = 0.40, indicating significant opportunity for value improvement.

Question 4

Which of the following best describes 'life-cycle cost' in Value Engineering?

Accepted Answer

Total cost of ownership including acquisition, operation, maintenance, and disposal

Answer

Life-cycle cost encompasses all costs from acquisition through disposal, including operation, maintenance, and end-of-life costs.

Question 5

What is the typical recommended duration for a formal VE workshop (charrette) on a major capital project?

Accepted Answer

40 hours (5 days)

Answer

A formal VE workshop typically runs 40 hours (five days), allowing sufficient time to complete all phases of the VE Job Plan.

CCE - Certified Cost Engineer Practice Test