L4.2: VALUE ENGINEERING

Question 1

Is used in construction projects to provide a
clear and detailed analysis of how best to meet the goals of the
construction project

Answer 1

Value Engineering

Question 2

What is the common goal of Value Engineering?

Answer 2

To provide the highest value at the lowest cost

Question 3

Value Engineering is NOT ABOUT?

Answer 3

1. Cost Cutting
2. Scope Reduction
3. Loss of Quality
4. Forced Redesign

Question 4

Value Engineering process includes?

Answer 4

1. Planning
2. Design
3. Methodology and Approach

Question 5

The more planning and analysis done at the early stage of the construction project – the better for everyone.

Answer 5

Planning

Question 6

At this second phase of the Value Engineering process, the design is typically at the schematic stage. In fact, it is required by most government agencies to have a Value Engineering session at the design stage

Answer 6

Design

Question 7

It is in this third phase, that the Value Engineering workshop can and should be used.

Answer 7

Methodology and Approach

Question 8

SAVE International has outlined 6 key steps that should be followed.

Answer 8

1. Information
2. Function Analysis
3. Creative
4. Evaluation
5. Development
6. Presentation

Question 9

What are the goals of Value Engineering?

Answer 9

1. Maximizing Value
2. Minimizing Costs
3. Improving Efficiency
4. Maintaining Quality
5. Developing Alternatives

Question 10

What are the different Value Engineering Tools?

Answer 10

1. Function Analysis System Technique (FAST)
2. Brainstorming
3. Benchmarking
4. Life Cycle Cost Analysis (LCCA)
5. Value Stream Mapping (VSM)
6. Design of Experiments (DOE)
7. Pareto Analysis
8. Function-Cost Matrix

Question 11

It is an approach where teams can visualize the
relationships between different functions and identify the critical ones that contribute most to the overall value.

Answer 11

Function Analysis System Technique (FAST)

Question 12

This technique involves breaking down the product into basic functions and categorizing them as primary or secondary.

Answer 12

Function Analysis System Technique (FAST)

Question 13

Encourages team members to think outside the box and propose innovative alternatives without immediate judgment or criticism

Answer 13

Brainstorming

Question 14

It involves comparing the project’s
functions, processes, and costs with those of similar projects or industry standards.

Answer 14

Benchmarking

Question 15

This technique helps identify the best practices and performance standards so teams can set realistic performance targets and identify areas for improvement.

Answer 15

Benchmarking

Question 16

It is a technique that evaluates the total cost of
ownership of a product or system over its entire life span. This analysis includes initial costs, operation and maintenance costs, and disposal costs.

Answer 16

Life Cycle Cost Analysis (LCCA)

Question 17

It is a visual tool used to map out all the steps in a process and identify areas where value is added and where waste occurs

Answer 17

Value Stream Mapping (VSM)

Question 18

It is a statistical approach used to plan, conduct, and analyze controlled tests to evaluate the factors that influence the performance of a product or process.

Answer 18

Design of Experiments (DOE)

Question 19

It is used to identify the most significant
factors contributing to a problem or cost. This technique involves categorizing and prioritizing issues or costs so that efforts can be focused on the areas with the greatest impact.

Answer 19

Pareto Analysis

Question 20

It is a tool used to compare the costs associated with each function of a product or process. Like many others in this section of the article, this matrix helps in visualizing the relationship between functions and their costs, highlighting areas where cost
savings can be achieved.

Answer 20

Function-Cost Matrix