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Cost Analysis & Value Engineering Flashcards

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  1. In value engineering, which technique uses a structured diagram to show functional relationships and the logic connecting basic, higher-order, and supporting functions?

    Answer: FAST diagram

    A Function Analysis System Technique (FAST) diagram visually organizes functions using 'How?' and 'Why?' logic to clarify scope and function hierarchy.

  2. What is the key distinction between value analysis (VA) and value engineering (VE)?

    Answer: VA is applied to existing products; VE is applied during the design phase

    Value analysis improves cost and function of an existing product, while value engineering applies the same principles proactively during initial design.

  3. A packaging engineer calculates the 'value index' of a function. A value index significantly less than 1.0 indicates:

    Answer: Cost exceeds the worth assigned to that function, signaling improvement opportunity

    A value index (worth/cost) below 1.0 means the cost to perform a function exceeds its perceived worth, making it a prime VE target.

  4. During a VE study, the team identifies a packaging component whose only function is 'look attractive.' This would be classified as a:

    Answer: Aesthetic function

    Aesthetic functions relate to sensory appeal (appearance, feel, smell) and are distinct from use functions that make the product work.

  5. Which VE job plan phase involves generating creative alternatives without criticism or evaluation?

    Answer: Creative phase

    The creative phase uses brainstorming and lateral thinking to generate as many alternative ways as possible to perform each function without judgment.

  6. A corrugated box costs $0.80 to produce and performs a 'protect product' function valued at $0.50. The best VE action is to:

    Answer: Investigate lower-cost alternatives that still protect the product

    When cost exceeds worth, VE targets finding alternative ways to perform the same function at or below the worth figure.

  7. In a packaging VE workshop, 'should-cost' analysis is used primarily to:

    Answer: Estimate what a component ought to cost based on materials, labor, and overhead without supplier margin inflation

    Should-cost analysis builds a bottom-up cost model from raw inputs so buyers and engineers can negotiate from a fact-based target rather than accepting quoted prices.