CVS CVS Value Concepts and Philosophy Questions and Answers

Question 1

How is 'value' primarily defined in value engineering?

Accepted Answer

The ratio of function to cost

Answer

The monetary worth of a finished product

Answer

The aesthetic quality of a design

Answer

The market price set by competitors

Question 2

Who is widely recognized as the founder of value engineering?

Accepted Answer

Lawrence D. Miles

Answer

Frederick Winslow Taylor

Answer

W. Edwards Deming

Answer

Joseph M. Juran

Question 3

Which professional organization administers the Certified Value Specialist (CVS) credential?

Accepted Answer

SAVE International

Answer

American Society of Civil Engineers (ASCE)

Answer

Project Management Institute (PMI)

Answer

American Society for Quality (ASQ)

Question 4

In value engineering, 'worth' is best defined as:

Accepted Answer

The lowest cost to reliably accomplish a required function

Answer

The market selling price of a finished product

Answer

The total manufacturing cost of a product

Answer

The perceived prestige associated with ownership

Question 5

What does a Value Index (VI) equal to 1.0 indicate?

Accepted Answer

Function and cost are perfectly balanced (worth equals cost)

Answer

The product delivers no functional value

Answer

The product is overpriced by 100%

Answer

The product requires immediate redesign

Question 6

Which type of value refers to properties that make an item desirable for ownership independent of its functional use?

Accepted Answer

Esteem value

Answer

Use value

Answer

Exchange value

Answer

Cost value

Question 7

In value engineering, 'unnecessary cost' is best described as:

Accepted Answer

Cost that provides neither use nor esteem value

Answer

Any cost that exceeds the original project budget

Answer

All costs incurred during the VE study itself

Answer

Costs associated with quality inspection activities