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Product Design and Value Engineering Practice Test
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Value engineering is the review of new or existing products during the design phase to reduce costs and increase functionality to increase the value of the product. The value of an item is defined as the most cost-effective way of producing an item without taking away from its purpose. Value engineering is used to solve problems, identify and eliminate unwanted costs and improve function and quality. Benefits of Value Engineering Improved Project Quality Amplified Project Efficiency Less Waste. Course contents, in brief: Week 1: Introduction to Product Design and Development, Product... Show more
Product Design and Value Engineering Practice Test
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25 Questions

1. During which stage of new-product development is management most likely to estimate minimum and maximum sales to assess the range of risk in launching a new product?
2. Which of the following is stage of Product Life Cycle?
3. Some companies have installed a(n) _____ that directs the flow of new ideas to a central point where they can be collected, reviewed, and evaluated.
4. _____ involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives.
5. All of the following are major external sources of new-product ideas, except which one?
6. Major sources of new product ideas include _____.
7. The Economic value consists following
8. Value analysis is normally applied to _____.
9. The advantages of standardizing an international product include all of the following except ________.
10. ____ is a period of market acceptance and increasing profits.
11. _____ is the course of a product's sales and profits over its lifetime, involving five distinct stages: product development, introduction, growth, maturity, and decline.
12. Maximum team size of Value analysis or Value Engineering?
13. What is the Use value of Pencil
14. New-product development starts with _____.
15. Out of the seven types of values as per Aristotle, VA/VE concentrates on
16. Which phase is not available in SAVE plan methodology?
17. What is the sell function of curtain ?
18. ____ begins when the company finds and develops a new-product idea. During product development, sales are zero and the company's investment costs mount.
19. Introducing a new product into the market is called _____.
20. The seller must evaluate__________ related with each peer company’s offer in order to know how their offer rates in the buyer’s mind.
21. The value is ___________.
22. In order to install an idea management system, whereby all ideas are directed to a central point, a company can do any or all of the following:
23. Which of these is correct with respect to a product developed or a service performed?
24. The following eases the process of stock control
25. Value can be defined as the combination of _______ which ensures the ultimate economy and satisfaction of the customer.

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