Certified Value Specialist (CVS) Practice Exam
Questions And Correct Answers (Verified
Answers) Plus Rationales 2026 Q&A
1. The primary objective of Value Engineering (VE) is to:
A. Reduce costs at all stages
B. Improve quality regardless of cost
C. Increase value by optimizing function and cost
D. Improve procurement efficiency
Answer: C
Value engineering seeks the best relationship between
function and cost, not just cost reduction.
2. In the Value Methodology Job Plan, which phase focuses
on generating a large number of creative ideas?
A. Information Phase
B. Evaluation Phase
C. Creative Phase
D. Development Phase
Answer: C
The Creative Phase encourages divergent thinking and
brainstorming.
3. A “function” in VE is best defined as:
A. A task assigned to a team member
B. A cost-driver in the project
,C. What a product or process does
D. A component of the project budget
Answer: C
Function = purpose or action performed by a product, service,
or process.
4. The FAST diagram primarily helps to:
A. Allocate project budgets
B. Prioritize team member roles
C. Show logical relationships between functions
D. Create construction schedules
Answer: C
FAST (Function Analysis System Technique) displays how
functions relate to each other.
5. “How” and “Why” logic in FAST diagrams is used to:
A. Allocate risks
B. Identify functional relationships
C. Evaluate cost alternatives
D. Create test procedures
Answer: B
FAST uses “How” to describe lower-level functions and “Why”
for higher-level.
6. Which of the following is a basic function?
,A. Enhance reliability
B. Support structure
C. Provide safety
D. Improve efficiency
Answer: B
Basic functions describe the primary purpose; others are
secondary/supporting.
7. The orientation phase of the job plan focuses on:
A. Selecting alternatives
B. Brainstorming
C. Understanding project background
D. Developing implementation plan
Answer: C
Orientation involves understanding scope, problems, and
constraints.
8. The VE team should ideally be:
A. Large and hierarchical
B. Small but cross-functional
C. Limited to financial experts
D. Only engineering staff
Answer: B
A small interdisciplinary team improves creativity and
efficiency.
, 9. Life-cycle cost analysis includes:
A. Only initial construction cost
B. Only maintenance cost
C. All costs over the asset’s life
D. Only disposal cost
Answer: C
LCCA examines total cost from acquisition to disposal.
10. A key output of the Evaluation Phase is:
A. The final VE report
B. Ranked list of potential solutions
C. Team roles and responsibilities
D. Detailed cost model
Answer: B
Ideas generated earlier are screened and prioritized.
11. A cost model is primarily used to:
A. Map project schedule
B. Establish cost relationships
C. Create procurement documents
D. Summarize team performance
Answer: B
Cost models show cost structure and identify cost drivers.
12. The Development Phase results in:
Questions And Correct Answers (Verified
Answers) Plus Rationales 2026 Q&A
1. The primary objective of Value Engineering (VE) is to:
A. Reduce costs at all stages
B. Improve quality regardless of cost
C. Increase value by optimizing function and cost
D. Improve procurement efficiency
Answer: C
Value engineering seeks the best relationship between
function and cost, not just cost reduction.
2. In the Value Methodology Job Plan, which phase focuses
on generating a large number of creative ideas?
A. Information Phase
B. Evaluation Phase
C. Creative Phase
D. Development Phase
Answer: C
The Creative Phase encourages divergent thinking and
brainstorming.
3. A “function” in VE is best defined as:
A. A task assigned to a team member
B. A cost-driver in the project
,C. What a product or process does
D. A component of the project budget
Answer: C
Function = purpose or action performed by a product, service,
or process.
4. The FAST diagram primarily helps to:
A. Allocate project budgets
B. Prioritize team member roles
C. Show logical relationships between functions
D. Create construction schedules
Answer: C
FAST (Function Analysis System Technique) displays how
functions relate to each other.
5. “How” and “Why” logic in FAST diagrams is used to:
A. Allocate risks
B. Identify functional relationships
C. Evaluate cost alternatives
D. Create test procedures
Answer: B
FAST uses “How” to describe lower-level functions and “Why”
for higher-level.
6. Which of the following is a basic function?
,A. Enhance reliability
B. Support structure
C. Provide safety
D. Improve efficiency
Answer: B
Basic functions describe the primary purpose; others are
secondary/supporting.
7. The orientation phase of the job plan focuses on:
A. Selecting alternatives
B. Brainstorming
C. Understanding project background
D. Developing implementation plan
Answer: C
Orientation involves understanding scope, problems, and
constraints.
8. The VE team should ideally be:
A. Large and hierarchical
B. Small but cross-functional
C. Limited to financial experts
D. Only engineering staff
Answer: B
A small interdisciplinary team improves creativity and
efficiency.
, 9. Life-cycle cost analysis includes:
A. Only initial construction cost
B. Only maintenance cost
C. All costs over the asset’s life
D. Only disposal cost
Answer: C
LCCA examines total cost from acquisition to disposal.
10. A key output of the Evaluation Phase is:
A. The final VE report
B. Ranked list of potential solutions
C. Team roles and responsibilities
D. Detailed cost model
Answer: B
Ideas generated earlier are screened and prioritized.
11. A cost model is primarily used to:
A. Map project schedule
B. Establish cost relationships
C. Create procurement documents
D. Summarize team performance
Answer: B
Cost models show cost structure and identify cost drivers.
12. The Development Phase results in:
