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

VE improves value by analyzing functions and finding ways to achieve required performance at reduced cost, without sacrificing quality or reliability.

Question 2

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

Accepted Answer

Value = Function / Cost

Answer

Value = Function/Cost means that value improves by either increasing function (performance) or decreasing cost, or both simultaneously.

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

Assumption reversal challenges the team to question and reverse established design assumptions, often revealing unconventional but viable alternatives.

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

Benchmarking identifies performance and cost gaps by comparing against industry leaders, revealing specific improvement targets.

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

OMB Circular A-131 (and subsequent updates) mandates VE programs for federal agencies on construction, grants, and other applicable projects.

CVS - Certified Value Specialist Practice Test

CVS - Certified Value Specialist Practice Test

CVS CVS Value Engineering Techniques Questions and Answers