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Network Function Virtualization (NFV) with minimum-delay service function chains will be a key enabling technology for next generation mobile networks, such as 5G. In this paper, we present a new approach to generate problem instances for the cost optimized delay sensitive Virtualized Network Function (VNF) placement and routing problem, where we know by construction the optimal solution for the given objective function. Our approach produces problem instances, which can be used to test and benchmark heuristic algorithms against. We then implement an Affinity based simulated annealing (ABSA) heuristic approach for cost optimized delay aware placement of VNFs along with a set of greedy approaches. We evaluate the implemented approaches against the optimal solution by generating several problem instances using our proposed method.