CVS CVS Value Engineering Techniques Questions and Answers

Question 1

Value Engineering (VE) is best defined as:

Accepted Answer

A systematic, function-oriented study to improve value by optimizing cost relative to required performance

Answer

A cost-cutting technique that reduces project quality

Answer

A procurement method for selecting the lowest bidder

Answer

A quality control inspection process

Question 2

The concept of 'value' in Value Engineering is expressed as:

Accepted Answer

Value = Function / Cost

Answer

Value = Cost × Quality

Answer

Value = Performance - Risk

Answer

Value = Price + Service

Question 3

Which technique involves reversing assumptions about how a function must be performed to stimulate creative alternatives?

Accepted Answer

Assumption reversal (challenge technique)

Answer

Morphological analysis

Answer

Brainstorming with rules

Answer

Random stimulation

Question 4

In VE, 'benchmarking' is used to:

Accepted Answer

Compare the current design's performance and cost against best-in-class standards or competitors

Answer

Set the project construction schedule milestones

Answer

Evaluate facilitator performance after a workshop

Answer

Determine the project's environmental impact

Question 5

Which federal legislation requires Value Engineering for certain U.S. government projects?

Accepted Answer

Office of Management and Budget (OMB) Circular A-131 and related regulations

Answer

The National Environmental Policy Act (NEPA)

Answer

The Americans with Disabilities Act (ADA)

Answer

The Federal Acquisition Reform Act

Question 6

The 'Blast-Create-Refine' technique in VE refers to:

Accepted Answer

Aggressively eliminating existing ideas, generating new ones, then refining the best alternatives

Answer

Demolishing existing structures before redesign

Answer

A construction sequencing method

Answer

A rapid cost estimation procedure