Value Engineering Quiz

What is the purpose or intended use of a product or service?

• Value Analysis

• Life Cycle Costing

• Function

• Cost

What is the process of breaking down a product or service into its basic functions?

• Function Analysis

• Risk Analysis

• Feasibility Analysis

• Benchmarking

What is the process of identifying and eliminating unnecessary costs while maintaining or improving the desired functions?

• Sustainability

• Cost Analysis

• Value Improvement

• Function Evaluation

What is the relationship between the importance of a function and its cost?

• Function-Cost Ratio

• Function-Value Ratio

• Function-Performance Ratio

• Life Cycle Cost

What is the process of comparing the performance or cost of a product or service to industry standards or best practices?

• Benchmarking

• Brainstorming

• Decision Matrix

• Value Engineering Workshop

What is the process of evaluating the practicality or viability of a proposed solution?

• Feasibility Analysis

• Design-Build

• Risk Analysis

• Value Engineering Team

What is the total cost of a product or service over its entire life cycle, including acquisition, operation, maintenance, and disposal costs?

• Value Engineering Study

• Life Cycle Assessment

• Value Engineering Change Proposal (VECP)

• Life Cycle Cost

What is the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs?

• Cost-Benefit Analysis

• Sustainability

• Implementation Plan

• Design-Bid-Build