Value Engineering Is ______

question 63

Multiple Choice

Value engineering is ______.

• A)used to improve,at a minimum cost,the functionality of a product without affecting its existing functions and standards
• B)used to completely analyze and improve the value of all of the components used to develop a product from its design to its final delivery
• C)used to design a product with a view to meet the requirements for a new market
• D)used to analyze the process by which market requirements may be satisfied

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Definitions:

Conjunction Fallacy

A logical fallacy that occurs when people assume that specific conditions are more probable than a single general one.

Base Rate Fallacy

A cognitive error where people wrongly judge the likelihood of a situation by ignoring general statistical information and focusing on specific information.

Gambler's Fallacy

The erroneous belief that if something happens more frequently than normal during a given period, it will happen less frequently in the future, or vice versa.

Overestimation Fallacy

The cognitive bias of overestimating one's own abilities, performance, level of control, or chances of success.