CVS Cheat Sheet 2026

The 30 highest-yield CVS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. Sensitivity analysis in VM LCC studies is performed to: → Test how changes in key assumptions affect the results and identify critical cost drivers
2. In the Presentation Phase of the VM Job Plan, the value team typically: → Submits developed proposals to decision-makers for approval
3. The worth of a function in VM is defined as: → The least expensive reliable way to perform the function
4. Which VM Job Plan phase immediately precedes the Creative Phase? → Information Phase
5. Which federal legislation requires Value Engineering for certain U.S. government projects? → Office of Management and Budget (OMB) Circular A-131 and related regulations
6. When a FAST diagram shows multiple functions at the same level, those functions are typically linked by: → An 'AND' relationship, meaning all must be performed simultaneously
7. During a VE workshop, the facilitator notices that the team is getting off-topic. How should the facilitator address this? → Politely refocus the team on the session objectives.
8. The discount rate used in Life Cycle Cost analysis primarily accounts for: → The time value of money and opportunity cost of capital
9. Which of the following is an example of a 'disposal cost' in Life Cycle Cost analysis? → Decommissioning and environmental remediation at end of service life
10. Which brainstorming technique in VM involves building on each other's ideas to create progressively refined concepts? → Classical brainstorming with 'yes-and' building
11. A facilitator notices that two participants have conflicting opinions on a proposed solution. What should the facilitator do? → Ask each participant to present their reasoning and encourage open discussion.
12. Which of the following best represents an 'operation cost' in a Life Cycle Cost analysis for a public building? → Annual utility (electricity, water, gas) expenses
13. When is VE most effective in the project life cycle? → In the early planning and design phases before design decisions are locked in
14. In Value Methodology, a function is best defined as: → The work an item does, expressed as a verb-noun pair
15. The Evaluation Phase of the VM Job Plan is used to: → Rank and filter creative ideas based on value potential
16. In a VM Creative Phase session, the rule of 'deferred judgment' means: → Withholding evaluation of ideas until the brainstorming session is complete
17. What is the primary purpose of the Value Methodology (VM) Job Plan? → To provide a structured, systematic approach to improving value in a project or process
18. Why might a VM team use 'worst possible idea' brainstorming as a creative technique? → To use reverse thinking — the worst ideas can be inverted to reveal innovative solutions
19. Which mathematical technique is commonly used in LCC analysis to compare costs occurring at different points in time? → Net Present Value (NPV) or Present Worth analysis
20. The 'two-word function rule' in VE requires that every function be expressed as: → An active verb and a measurable noun
21. In the context of VM cost analysis, 'function cost' refers to: → The portion of total project cost attributable to performing a specific function
22. Which of the following best describes 'use value' in value engineering? → Properties that enable a product to perform its intended functions
23. In VM creative sessions, 'mental blocks' most commonly arise from: → Habitual thinking patterns, fear of criticism, and cultural or organizational norms
24. How is 'value' primarily defined in value engineering? → The ratio of function to cost
25. The VM Job Plan was originally developed in the context of: → Military procurement and industrial manufacturing
26. A VM study team discovers that 20% of the project's functions account for 80% of the cost. This finding is an example of: → Pareto's Law (80/20 rule), used to prioritize improvement efforts
27. In the VM Job Plan, a 'value opportunity' is typically identified by comparing: → Function cost versus function worth
28. In FAST diagram construction, a 'design-dependent function' is one that: → Exists only because of the specific design approach selected
29. Which technique involves reversing assumptions about how a function must be performed to stimulate creative alternatives? → Assumption reversal (challenge technique)
30. The VE 'Information Phase' typically results in a document called: → The Function Analysis Workbook or Study Plan documenting cost, function, and worth data