Value Chapter Review Questions

Let us see how much you have learned in this chapter by going over these review questions.

1. What is functional worth?
   1. An unsubstantiated estimation of the product's worth.
   2. Anything that makes the product work.
   3. The lowest cost to provide a given function.
   4. The measured and validated product worth.
   5. Value based on actual components.

2. What is perceived value?
   1. An unsubstantiated estimation of the product's worth.
   2. Anything that makes the product work.
   3. Anything that can be modified or eliminated to reduce product cost.
   4. The measured and validated product worth.
   5. Value based on actual components.

3. Which statement is false regading value engineering?
   1. Function is always described in two words; an active verb and measurable noun.
   2. Gathering information is part of value engineering.
   3. Value engineering uses a thought process that is based exclusively on product features.
   4. Value engineering uses an unique how and why questioning technique.
   5. Value engineering uses rational logic and the analysis of function to identify relationships that increase value.

4. Which statement is false regading value?
   1. Customers interpret the value of a product in different ways.
   2. Value can be defined by both qualitative and quantitative measures.
   3. Value can be increased by either improving the function or reducing the cost.
   4. Value changes based on time, place and people in relation to changing environmental factors.
   5. Value is constant.

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© 2008 John Michael Pierobon

Notes