CVS CVS Value Concepts and Philosophy Questions and Answers 3

Question 1

How does value engineering differ fundamentally from conventional cost cutting?

Accepted Answer

VE maintains required functions while eliminating only unnecessary costs

Answer

VE always produces higher-quality outputs than cost cutting

Answer

VE eliminates all project costs above the original baseline budget

Answer

VE is applied exclusively to manufacturing and excludes services

Question 2

The 'basic function' of a product in value engineering is best defined as:

Accepted Answer

The primary purpose for which the product or service exists

Answer

The function that represents the single greatest cost driver

Answer

The function customers find most aesthetically appealing

Answer

The most technically complex function the product performs

Question 3

A 'secondary function' in value engineering is best described as:

Accepted Answer

A function that supports or enables the basic function

Answer

A function that adds cost with no corresponding value

Answer

The second most critical basic function identified

Answer

A function discovered during the second phase of a VE job plan

Question 4

In what decade did value analysis/engineering originate?

Accepted Answer

1940s

Answer

1930s

Answer

1960s

Answer

1970s

Question 5

'Value mismatch' in value engineering refers to:

Accepted Answer

A situation where a product's actual cost significantly exceeds its worth

Answer

A disagreement between VE team members about project scope

Answer

When two distinct functions are inadvertently assigned to one component

Answer

A discrepancy between the VE study plan and its actual execution

Question 6

Which statement best captures the core philosophy of value engineering?

Accepted Answer

Value is improved by increasing the function delivered per unit of cost

Answer

Every cost is justified if the product meets applicable quality standards

Answer

The lowest-bid alternative always delivers the best overall value

Answer

Design improvements invariably increase total project costs

Question 7

Which branch of the U.S. military formally adopted value engineering and helped spread it beyond manufacturing in the 1950s–1960s?

Accepted Answer

U.S. Navy

Answer

U.S. Air Force

Answer

U.S. Army

Answer

U.S. Marine Corps