CVS CVS Value Concepts and Philosophy Questions and Answers 2

Question 1

Which of the following best describes 'use value' in value engineering?

Accepted Answer

Properties that enable a product to perform its intended functions

Answer

Use value encompasses the properties and qualities that enable a product or service to perform its intended work or service reliably.

Question 2

What is 'exchange value' in the context of value engineering?

Accepted Answer

Properties or qualities that enable an item to be traded for other goods or money

Answer

Exchange value refers to the properties that allow an item to be exchanged (bought, sold, or traded) for other goods, services, or monetary compensation.

Question 3

What was the original motivation for Lawrence Miles to develop value analysis at General Electric?

Accepted Answer

To find functional substitutes during post-WWII material shortages

Answer

Miles developed value analysis post-WWII to identify substitute materials and components that could perform the same functions when specific materials were scarce or unavailable.

Question 4

The Value Equation in value engineering is commonly expressed as:

Accepted Answer

Value = Function / Cost

Answer

The Value Equation is V = F/C, where value equals function divided by cost, showing that value can be improved by increasing function, decreasing cost, or both.

Question 5

The difference between a product's actual cost and its worth (minimum cost to perform its functions) is called:

Accepted Answer

Unnecessary cost

Answer

The gap between actual cost and worth is termed unnecessary cost — representing expenditures that do not contribute to required functions and are the primary VE improvement target.

CVS - Certified Value Specialist Practice Test

CVS - Certified Value Specialist Practice Test

CVS CVS Value Concepts and Philosophy Questions and Answers 2