Management of Value® Foundation v6.0

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Exam contains 99 questions

On a FAST diagram, where would you expect to find functions with the lowest level of abstraction?

  • A. On the far right of the diagram
  • B. On the far left of the diagram
  • C. At the bottom of the diagram
  • D. Anywhere - there is no relationship between level of abstraction and location on the diagram


Answer : A

Which is a correct distinction between Value Engineering and Value Analysis?

  • A. Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products
  • B. Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes
  • C. Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets
  • D. Value Analysis and Value Engineering, while similar, differ in that they employ different process steps


Answer : A

In which situation should caution be used in deciding whether to apply MoV?

  • A. IT projects
  • B. Products and services with a high value score
  • C. Policy-making
  • D. Lobbying for support


Answer : B

When should MoV be embedded into an organization using a formal/top-down approach?

  • A. The embedding of MoV is required throughout the investment decision.
  • B. When the scale of MoV applications become large and frequent.
  • C. When organizations anticipate that their MoV needs will be minimal.
  • D. When people engaged on other work wish to add MoV to their set of skills.


Answer : B

What is the purpose of Function Analysis?

  • A. To analyze what things do
  • B. To analyze what things are
  • C. To define how to produce things
  • D. To define how much things cost to produce


Answer : A

Which is NOT required for a top-down approach to introducing MoV to an organization?

  • A. Providing guidance on how MoV will be used on projects
  • B. Setting up a strategy for implementing MoV Policy
  • C. Establishing an internal resource skilled in the application of MoV
  • D. Developing procedures for data capture and feedback


Answer : C

Which is a valid criterion for assessing the return on investment of an MoV Study?

  • A. Completed on time
  • B. Delivers a reduction on cost
  • C. MoV processes being followed
  • D. Completed within budget


Answer : B

Who should undertake the assessment of value priorities when creating a value profile?

  • A. The project team
  • B. Programme owners or Project Sponsors and End Users
  • C. The MoV Study Team
  • D. Functional experts


Answer : B

When formulating MoV Study Plans, which proposition is true?

  • A. Environmental influences present inherent conflicts which can be reconciled through MoV
  • B. Legal requirements rarely affect perceptions of value
  • C. Technology developments are uncertain and so the possible impact on value is unknown
  • D. It is unnecessary to understand what other organizations are doing


Answer : A

Which is a benefit of the MoV Study Leader reporting to the Programme Manager?

  • A. It enables the Programme Manager to pass valuable lessons learned during one project on to other projects
  • B. It eliminates the need for regular meetings of the Senior MoV Practitioner and Study Leaders
  • C. It replaces the need to involve the Project Sponsor in MoV Studies who may be busy
  • D. It enables the Programme Manager to report to the Senior MoV Practitioner and MoV Board on lessons learned


Answer : A

Which would be undertaken in the Process Information process?

  • A. Collating information gathered to date and documenting any analysis already conducted
  • B. Meeting with key stakeholders to gain consensus on MoV Study objectives
  • C. Deciding to implement part of a Value Improving Proposal
  • D. Reviewing cost estimates to check for double counting


Answer : A

Which is a requirement for embedding MoV in an organization?

  • A. A separate level of management which is set up to focus on MoV activities
  • B. Support from senior managers
  • C. A Senior MoV Practitioner who is part of the MoV Board
  • D. An MoV Study Leader who is appointed as part of each project team


Answer : B

What is the first step in the MoV Project Plan?

  • A. Gather and analyze information
  • B. Prioritize Value Drivers and develop Value Profile
  • C. Identify the processes to be used
  • D. Define the study objectives


Answer : D

Which statement regarding prioritizing value is true?

  • A. A project can be successful even if it delivers only the Value Drivers classed as critical
  • B. Prioritizing value should be based only on financial Value Drivers
  • C. Value Drivers will normally be allocated different levels of importance
  • D. Prioritizing value should be carried out with members of the project team rather than the project's end users


Answer : C

Which is NOT a purpose of the Decision Building meeting when Developing Value
Improving Proposals?

  • A. To enable owners of Value Improving Proposals to present their suggestions to a panel of senior managers
  • B. To discuss the findings of each Value Improving Proposal and agree whether or not it should be implemented in whole or in part
  • C. To allocate an owner who is responsible for the implementation of each of the Value Improving Proposals selected
  • D. To supply project managers with details of how and when Value Improving Proposals will be implemented and the expected value improvements (or benefits)


Answer : D

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Exam contains 99 questions

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