This set of Industrial Engineering Multiple Choice Questions & Answers (MCQs) focuses on “Value Engineering”.
1. Which of the following is also known as function value?
a) Cost value
b) Use value
c) Esteem value
d) Exchange value
View Answer
Explanation: Use value is also known as functional value. It measures the properties, qualities, and features which make the product to meet its intended function or utility.
2. Which of the following is called the cost incurred by the manufacturer beyond the use-value?
a) Cost value
b) Use value
c) Esteem value
d) Exchange value
View Answer
Explanation: Esteem value is the cost incurred by the manufacturer beyond the use-value. It is the cost incurred to increase the look or appearance of the product.
3. Which of the following considers the functions performed or services rendered by a product or component?
a) Cost value
b) Use value
c) Esteem value
d) Exchange value
View Answer
Explanation: Use value which is called as functional value considers the functions performed or services rendered by a product or component.
4. Which of the following is the price that a purchaser can offer for the product?
a) Cost value
b) Use value
c) Esteem value
d) Exchange value
View Answer
Explanation: Exchange value is the cost or price paid by the purchaser to own a product as he satisfies with the function or utility that the product delivers him.
5. Which of the following is used for an existing product?
a) Value analysis
b) Value engineering
c) System engineering
d) System analysis
View Answer
Explanation: Value analysis is used for the existing product. It is the process of applying a set of techniques to an existing product to improve its value. It is a remedial process.
6. Which of the following is a remedial process?
a) Value analysis
b) Value engineering
c) System engineering
d) System analysis
View Answer
Explanation: Value analysis is used for the existing product. It is the process of applying a set of techniques to an existing product to improve its value. Hence, it is a remedial process.
7. Which of the following techniques is applied to a new product to increase its value?
a) Value analysis
b) Value engineering
c) System engineering
d) System analysis
View Answer
Explanation: Value engineering is used for a new product. It is the process of applying a set of techniques to a new product to improve its value during the design stage itself.
8. Which of the following is a preventive process?
a) Value analysis
b) Value engineering
c) System engineering
d) System analysis
View Answer
Explanation: Value engineering is used for a new product. It is the process of applying a set of techniques to a new product to improve its value during the design stage itself. Hence, value engineering is a preventive process.
9. Which of the following statements is wrong concerning the time or need of usage of value analysis?
i. When firm lags in meeting delivery schedules.
ii. Rapid changes in technology.
Iii. The cost of manufacturing is low.
a) i only
b) ii only
c) i and ii only
d) iii only
View Answer
Explanation: Value analysis is applied in the following situations:
i. When firm lags in meeting delivery schedules.
ii. Rapid changes in technology.
iii. The cost of manufacturing is high.
10. Which of the following is not a reason for unnecessary costs?
a) Poor design of the component
b) Unavoidable delivery constraints
c) Poor leadership
d) Purchase of raw material
View Answer
Explanation: Poor design of the component, unavoidable delivery constraints, poor leadership are reasons for unnecessary costs. Purchase of raw material is not a reason for unnecessary costs.
More MCQs on Value Engineering:
Sanfoundry Global Education & Learning Series – Industrial Engineering.
To practice all areas of Industrial Engineering, here is complete set of 1000+ Multiple Choice Questions and Answers.
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