Value Engineering Flashcards
Value Engineering focuses on analyzing:
An item’s function and it’s life-cycle cost
One benefit of VE is to help align project:
Scope, expectations, and budget
When looking at the budget, one should consider:
2 Answers
- Initial costs and future one-time costs
- Facility annual costs and functional use costs
Functional analysis involves:
Optimizing an item’s basic functions so that they can be provided at a lower cost
Value engineering looks for and removes unnecessary costs. T/F
True
Value engineering is more beneficial when done earlier in the project. T/F
True
Value improvement allows you to do the following, EXCEPT:
Reduce the functional benefits and increase cost
One key to value engineering success is understanding what value means to the owner. T/F
True
When looking at the relationship between quality and cost, higher quality systems tend to have:
Lower future cost
Good value will align itself around lowest life cycle cost. T/F
True
Value engineering also focuses on key decisions where:
20% of the decisions over the life of a project will affect 80% of the outcome
Value engineering focuses on making key decisions concerning all project details. T/F
False
Value engineering is most effective when:
The ability to make changes is high, and the cost of making the changes is low
Key value engineering decisions in one discipline may affect other disciplines. T/F
True
Who generally bears the risk with value engineering changes?
The owner, designer and/or contractor who are involved in implementing the VE recommendations
