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. A telecommunications firm applies VE to network buildout and chooses to lease existing fiber instead of new construction. This reflects which value strategy? → Achieving the required function through a lower-cost alternative means
2. During the development phase, one sub-team falls behind on preparing its alternative for presentation. What should the team leader do FIRST? → Assess the cause of the delay and reallocate support or scope as needed
3. Sensitivity analysis in VM LCC studies is performed to: → Test how changes in key assumptions affect the results and identify critical cost drivers
4. In the Presentation Phase of the VM Job Plan, the value team typically: → Submits developed proposals to decision-makers for approval
5. A CVS realizes mid-study that they lack expertise in a specialized technical discipline critical to the project. Ethically, they should: → Disclose the limitation and bring in a qualified specialist
6. The worth of a function in VM is defined as: → The least expensive reliable way to perform the function
7. What is the PRIMARY reason a value study team should include a representative of the project owner or user? → To validate needs, priorities, and acceptance criteria for proposed alternatives
8. Which VM Job Plan phase immediately precedes the Creative Phase? → Information Phase
9. Which federal legislation requires Value Engineering for certain U.S. government projects? → Office of Management and Budget (OMB) Circular A-131 and related regulations
10. A pharmaceutical company wants to apply VE to its packaging line. Which constraint distinguishes this industry's VE studies? → Validated processes requiring regulatory re-approval after changes
11. A VM team is evaluating 8 ideas but two team members have a strong bias toward one idea. Which evaluation technique MOST effectively mitigates this bias? → Using anonymous individual scoring followed by group discussion of score divergence
12. 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
13. A facilitator preparing for a value study learns two departments involved have a history of conflict. The best pre-workshop action is to: → Meet with key stakeholders beforehand to understand concerns and build rapport
14. A facilitator notices the team's energy dropping mid-afternoon during Function Analysis. What is the most effective intervention? → Take a short break or switch to a more interactive activity
15. A project owner asks why the value study includes a Post-Workshop (implementation) stage. The best response is that this stage: → Ensures approved recommendations are tracked, implemented, and their results documented
16. 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.
17. A team member consistently arrives late and disrupts the session. The facilitator's most professional first step is to: → Speak with the member privately during a break to address the behavior
18. In a weighted evaluation matrix used during the VM Evaluation Phase, what is the primary purpose of assigning weights to evaluation criteria? → To reflect the relative importance of each criterion to the project's value objectives
19. In a paired comparison analysis, how many comparisons are required to rank 5 ideas? → 10
20. During the evaluation phase, the team splits evenly on two competing alternatives. Which approach BEST supports an objective resolution? → Apply a weighted evaluation matrix using agreed criteria
21. The discount rate used in Life Cycle Cost analysis primarily accounts for: → The time value of money and opportunity cost of capital
22. In the context of a value program, the Plan-Do-Check-Act (PDCA) cycle is best used to: → Iteratively refine the value methodology based on measured study outcomes
23. Which industry characteristic makes value engineering studies in oil and gas facilities particularly time-sensitive? → High daily operating and downtime costs of process facilities
24. 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
25. Which brainstorming technique in VM involves building on each other's ideas to create progressively refined concepts? → Classical brainstorming with 'yes-and' building
26. In a FAST diagram, a function that appears directly to the right of the basic function on the critical path answers which question about it? → How is the function accomplished?
27. Benchmarking a value program against other organizations' programs primarily supports continuous improvement by: → Identifying performance gaps and proven practices worth adopting
28. After a VM study concludes, what is the purpose of a formal follow-up review conducted 6–12 months later? → To verify which approved proposals were actually implemented and quantify realized savings
29. 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.
30. In transportation projects, a VE alternative that lowers initial construction cost but doubles pavement maintenance frequency should be evaluated using what? → Life-cycle cost analysis