CCE CCE Value Engineering & Analysis 1 — Questions and Answers
Question 1: What is the primary objective of Value Engineering (VE) in a cost engineering context?
- Increase project scope
- Achieve required functions at the lowest life-cycle cost (Correct answer)
- Reduce project schedule duration
- Maximize the number of design alternatives
Correct answer: Achieve required functions at the lowest life-cycle cost
Value Engineering aims to achieve the required functions of a product or project at the lowest possible life-cycle cost without sacrificing quality or performance.
Question 2: In the SAVE International VE Job Plan, which phase involves generating creative ideas without criticism?
- Function Analysis phase
- Information phase
- Creative phase (Correct answer)
- Evaluation phase
Correct answer: Creative phase
The Creative phase of the VE Job Plan uses brainstorming to generate a high volume of ideas without judgment or criticism.
Question 3: How is Value defined in Value Engineering?
- Value = Cost / Function
- Value = Function / Cost (Correct answer)
- Value = Performance × Cost
- Value = Quality / Schedule
Correct answer: Value = Function / Cost
In VE, Value is defined as Function divided by Cost, meaning higher function at lower cost yields greater value.
Question 4: Which Value Engineering technique is used to identify the primary and secondary functions of a system?
- PERT analysis
- FAST diagram (Correct answer)
- Earned Value Analysis
- Monte Carlo simulation
Correct answer: FAST diagram
The Function Analysis System Technique (FAST) diagram organizes functions hierarchically to distinguish primary (basic) from secondary (supporting) functions.
Question 5: During a VE study, a 'basic function' is best described as:
- A function that supports other functions
- The primary purpose that defines why the item exists (Correct answer)
- Any function added by the designer
- A function that only reduces aesthetic value
Correct answer: The primary purpose that defines why the item exists
A basic function is the primary purpose that justifies the existence of an item; removing it would render the item valueless.
Question 6: What is 'worth' in the context of Value Engineering?
- The current market price of a component
- The lowest cost to perform a basic function (Correct answer)
- The replacement value of an asset
- The total life-cycle cost of the project
Correct answer: The lowest cost to perform a basic function
In VE, 'worth' is defined as the lowest cost at which the basic function can be reliably performed.
CCE CCE Value Engineering & Analysis 1
What is the primary objective of Value Engineering (VE) in a cost engineering context?