CVS CVS Value Engineering Techniques Questions and Answers 3

Question 1

When is VE most effective in the project life cycle?

Accepted Answer

In the early planning and design phases before design decisions are locked in

Answer

During construction when costs are already committed

Answer

During commissioning and startup

Answer

After project closeout for lessons learned only

Question 2

The term 'Value Mismatch' in VE occurs when:

Accepted Answer

Resources spent on a function do not match its relative importance to the user

Answer

Team members disagree on the project scope

Answer

The project schedule misaligns with the budget cycle

Answer

Stakeholders provide conflicting function requirements

Question 3

In VE, 'design-to-cost' means:

Accepted Answer

Setting a cost target upfront and designing the solution to meet both performance and cost objectives

Answer

Designing as cheaply as possible regardless of performance requirements

Answer

Using only the lowest-cost materials in construction

Answer

Deferring cost analysis until after design completion

Question 4

The VE 'Information Phase' typically results in a document called:

Accepted Answer

The Function Analysis Workbook or Study Plan documenting cost, function, and worth data

Answer

The Request for Proposal (RFP)

Answer

The final recommendations report

Answer

The project change order

Question 5

Which VE technique involves independently estimating what something should cost based on material, labor, and overhead without reference to current quotes?

Accepted Answer

Should-cost analysis

Answer

Parametric cost estimating

Answer

Earned value management

Answer

Bottom-up bid review

Question 6

What distinguishes a 'value improvement' from a simple 'cost reduction' in VE?

Accepted Answer

A value improvement maintains or enhances required functions while reducing cost; a cost reduction may sacrifice function

Answer

Value improvements always cost more than cost reductions

Answer

Cost reductions are always preferred over value improvements

Answer

There is no practical distinction between the two