CVS CVS Value Concepts and Philosophy Questions and Answers 1

Question 1

How is 'value' primarily defined in value engineering?

Accepted Answer

The ratio of function to cost

Answer

Value in VE is defined as the ratio of function (performance) to cost, meaning value increases when function improves or cost decreases.

Question 2

Who is widely recognized as the founder of value engineering?

Accepted Answer

Lawrence D. Miles

Answer

Lawrence D. Miles developed value analysis at General Electric in the late 1940s, which evolved into the discipline of value engineering.

Question 3

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

Accepted Answer

SAVE International

Answer

SAVE International (formerly the Society of American Value Engineers) is the professional organization that certifies and administers the CVS program.

Question 4

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

Accepted Answer

The lowest cost to reliably accomplish a required function

Answer

Worth is the lowest cost to reliably accomplish a required function, serving as the benchmark against which actual cost is compared to identify unnecessary cost.

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

A Value Index of 1.0 means worth equals cost, indicating the product is performing its functions at exactly the minimum required expenditure with no unnecessary cost.

CVS - Certified Value Specialist Practice Test

CVS - Certified Value Specialist Practice Test

CVS CVS Value Concepts and Philosophy Questions and Answers 1