CEC CEC Value Engineering & Cost Control

Question 1

What is the primary goal of value engineering (VE) in construction estimating?

Accepted Answer

Achieve required function at the lowest overall cost

Answer

Increase project complexity

Answer

Maximize material quantities

Answer

Extend project schedules

Question 2

Which phase of a project is value engineering most cost-effective to implement?

Accepted Answer

Early in design or pre-construction

Answer

During punch-list

Answer

During closeout

Answer

After substantial completion

Question 3

A cost control report shows actual costs 12% over the budget baseline. What is the estimator's first step?

Accepted Answer

Identify the cost codes driving the overrun

Answer

Issue a change order immediately

Answer

Revise the entire estimate

Answer

Halt subcontractor work

Question 4

What does a cost-benefit analysis (CBA) measure in a VE study?

Accepted Answer

Net present value of savings versus implementation cost

Answer

Only direct labor savings

Answer

Total material weight reduction

Answer

Number of subcontractors replaced

Question 5

In construction cost control, a 'S-curve' is used to track which project metric?

Accepted Answer

Cumulative planned vs. actual expenditure over time

Answer

Subcontractor payment schedules

Answer

Safety incident rates

Answer

Change order approval times

Question 6

Which value engineering technique substitutes a lower-cost material that meets the same performance specification?

Accepted Answer

Material substitution

Answer

Fast-tracking

Answer

Constructability review

Answer

Scope reduction