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1. When would MoV NOT be of use?

When determining the value of a decommissioned asset

During the transition of an asset into the operational environment

When an asset is in the operational environment

During the delivery stage of a project

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

IT projects

Products and services with a high value score

Policy-making

Lobbying for support

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

Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

Value Analysis and Value Engineering, while similar, differ in that they employ different process steps

4. Which is a key component of the Frame the Programme or Project process?

Initial briefing meeting

Team selection

Resource analysis

Idea selection

5. Which statement regarding the steps in the Generic MoV Study Plan is true?

The final step should be to develop the Value Improving Proposals

The first step should be to define the MoV Study objectives

The Implementation Plan should be agreed before setting targets for benefits improvement

The Value Drivers should be prioritized before identifying the functions

6. How many phases does the MoV Value Engineering Job Plan contain?

Six

Ten

Twelve

Eight

7. Which would NOT be used to estimate the operating and running costs for a new IT system?

The operating costs of a similar IT implementation

The current daily rate of specialist skills required to operate the system

An estimate of how many staff would be required to run the new system

The total expenditure on MoV Studies

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

Providing guidance on how MoV will be used on projects

Setting up a strategy for implementing MoV Policy

Establishing an internal resource skilled in the application of MoV

Developing procedures for data capture and feedback

9. Which is a main method of Function Analysis?

Value Improving Proposal

Value Tree

Discounted Cash Flow

Brainstorming

10. Which is an MoV Principle?

Understand and articulate value

Process information

Focus on functions and required outcomes

Prioritize value

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11. Which is NOT a recommended action in constructing an Option Evaluation Matrix?

Select criteria

Define scale of improvement required and sensitivity ranges

Set targets

Establish weights for relative importance

12. Which statement regarding prioritizing value is true?

A project can be successful even if it delivers only the Value Drivers classed as critical

Prioritizing value should be based only on financial Value Drivers

Value Drivers will normally be allocated different levels of importance

Prioritizing value should be carried out with members of the project team rather than the project's end users

13. When should an organization consider it necessary to establish in-house MoV delivery capability?

When MoV is running only on a project-by-project basis

When the scale of MoV applications becomes large and frequent enough to justify an internal delivery capability

When a third party procurement is running successfully

When it can benefit from more effective use of internal resources by broadening their capabilities

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

On the far right of the diagram

On the far left of the diagram

At the bottom of the diagram

Anywhere - there is no relationship between level of abstraction and location on the diagram

15. Which statement regarding the Function Analysis Systems Technique is true?

Functions should describe the features of a product rather than what it does

A Primary Basic Function consists of one or more Higher Order Functions

A Primary Basic Function consists of one or more Primary Supporting Functions

Moving from the Higher Order Function to the Primary Basic Function answers the question "How do we do this?"

16. Which technique focuses on underlying issues, rather than solving specific problems?

Root Cause Analysis

Soft Systems Methodology

Value Profiling

Cost Function Analysis

17. Which method provides a good checklist for communication during an MoV study?

Brainstorming

Five Ws and an H

Function Analysis

Cost/Worth

18. Which is a reason why MoV should be applied throughout the Investment Decision?

To minimize the number of points where decisions need to be made

To ensure that information used to make a decision is used only in that decision

To maximize value in the face of evolving requirements

To ensure that reviews such as those conducted under the Gateway Review Process will be positive

19. What is the worth of a Function?

Its relative importance

The current cost of performing it

The lowest cost at which it could be performed

Its objective

20. Which statement about MoV is true?

It supports decision-making based on minimizing value for money

It encourages innovation outside of an organization's goals

It facilitates optimal balance between investment and long-term operating expenditure

It removes resources from consideration when reviewing organizational needs

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21. What is the purpose of Function Analysis?

To analyze what things do

To analyze what things are

To define how to produce things

To define how much things cost to produce

22. Who prepares each Value Improving Proposal?

The MoV Study Leader

The Programme Owner, who assesses relevant value priorities during Value Profiling

The Value Metric Owner

The owner of the relevant idea or scenario allocated during the selection process

23. Which is NOT an area where it is necessary to strike a balance in order to maximize value?

Reconciling the needs and views of different stakeholders

Balancing capital and operating costs

Balancing the use of resources to reflect their availability and the organization's priorities

Balancing the overall benefits realized against the use of resources

24. Which statement regarding the MoV processes is true?

All processes will be used at all stages in a project lifecycle

MoV activities change as a project evolves from inception to use

They are only applicable to project environments

They are most applicable at the inception stage of a project

25. Which is NOT a key element of stakeholder consultation?

Ensuring that all major stakeholders for the project have been identified and engaged

Ensuring that the same stakeholder representatives are involved throughout the project

Ensuring that stakeholders are provided with timely, specific and clear information regarding proposals and their impacts throughout the development process

Ensuring that regular feedback on progress is given

26. Which will be included in the MoV Project Plan?

Identification of suitable candidates to lead and participate in the Studies

Key attributes of a proposed Study

Constraints applicable to a proposed Study

A draft function diagram

27. What are the key activities involved in the Processing Information stage?

Preparation, facilitation, creativity and innovation

Analysis, creativity and innovation, and evaluation and selection

Preparation, target-setting, facilitation, and creativity and innovation

Selection of team, preparation of Study Handbook, analysis of data, creativity and Innovation

28. What is provided by a Value Improving Proposal (VIP)?

Information which the decision-makers need in order to decide whether to implement the VIP in full, partially, or not at all

A detailed record of the existing situation that the VIP is intended to improve, including the functions carried out

Information which Senior Management needs in order to implement the VIP

A detailed implementation plan for each VIP

29. Which is a purpose of the MoV Project Plan?

To provide a means of prioritizing stakeholders

To provide information to aid decision-makers when deciding whether to authorize a project

To describe the purpose of a series of MoV Studies throughout a project

To test early models or prototypes before a design is fixed

30. Which MoV document contains a detailed evaluation of options for value improvement?

MoV Project Plan

Value Improving Proposal

MoV Study Handbook

MoV Progress Report

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