Question #1
When would MoV NOT be of use?
- A . When determining the value of a decommissioned asset
- B . During the transition of an asset into the operational environment
- C . When an asset is in the operational environment
- D . During the delivery stage of a project
Correct Answer: A
Question #2
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
Correct Answer: B
Question #3
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
Correct Answer: A
Question #4
Which is a key component of the Frame the Programme or Project process?
- A . Initial briefing meeting
- B . Team selection
- C . Resource analysis
- D . Idea selection
Correct Answer: A
Question #5
Which statement regarding the steps in the Generic MoV Study Plan is true?
- A . The final step should be to develop the Value Improving Proposals
- B . The first step should be to define the MoV Study objectives
- C . The Implementation Plan should be agreed before setting targets for benefits improvement
- D . The Value Drivers should be prioritized before identifying the functions
Correct Answer: B
Question #6
How many phases does the MoV Value Engineering Job Plan contain?
- A . Six
- B . Ten
- C . Twelve
- D . Eight
Correct Answer: D
Question #7
Which would NOT be used to estimate the operating and running costs for a new IT system?
- A . The operating costs of a similar IT implementation
- B . The current daily rate of specialist skills required to operate the system
- C . An estimate of how many staff would be required to run the new system
- D . The total expenditure on MoV Studies
Correct Answer: D
Question #8
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
Correct Answer: C
Question #9
Which is a main method of Function Analysis?
- A . Value Improving Proposal
- B . Value Tree
- C . Discounted Cash Flow
- D . Brainstorming
Correct Answer: B
Question #10
Which is an MoV Principle?
- A . Understand and articulate value
- B . Process information
- C . Focus on functions and required outcomes
- D . Prioritize value
Correct Answer: C
Question #11
Which is NOT a recommended action in constructing an Option Evaluation Matrix?
- A . Select criteria
- B . Define scale of improvement required and sensitivity ranges
- C . Set targets
- D . Establish weights for relative importance
Correct Answer: C
Question #12
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
Correct Answer: C
Question #13
When should an organization consider it necessary to establish in-house MoV delivery capability?
- A . When MoV is running only on a project-by-project basis
- B . When the scale of MoV applications becomes large and frequent enough to justify an internal delivery capability
- C . When a third party procurement is running successfully
- D . When it can benefit from more effective use of internal resources by broadening their capabilities
Correct Answer: B
Question #14
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
Correct Answer: A
Question #15
Which statement regarding the Function Analysis Systems Technique is true?
- A . Functions should describe the features of a product rather than what it does
- B . A Primary Basic Function consists of one or more Higher Order Functions
- C . A Primary Basic Function consists of one or more Primary Supporting Functions
- D . Moving from the Higher Order Function to the Primary Basic Function answers the question "How do we do this?"
Correct Answer: D
Question #16
Which technique focuses on underlying issues, rather than solving specific problems?
- A . Root Cause Analysis
- B . Soft Systems Methodology
- C . Value Profiling
- D . Cost Function Analysis
Correct Answer: A
Question #17
Which method provides a good checklist for communication during an MoV study?
- A . Brainstorming
- B . Five Ws and an H
- C . Function Analysis
- D . Cost/Worth
Correct Answer: B
Question #18
Which is a reason why MoV should be applied throughout the Investment Decision?
- A . To minimize the number of points where decisions need to be made
- B . To ensure that information used to make a decision is used only in that decision
- C . To maximize value in the face of evolving requirements
- D . To ensure that reviews such as those conducted under the Gateway Review Process will be positive
Correct Answer: C
Question #19
What is the worth of a Function?
- A . Its relative importance
- B . The current cost of performing it
- C . The lowest cost at which it could be performed
- D . Its objective
Correct Answer: C
Question #20
Which statement about MoV is true?
- A . It supports decision-making based on minimizing value for money
- B . It encourages innovation outside of an organization’s goals
- C . It facilitates optimal balance between investment and long-term operating expenditure
- D . It removes resources from consideration when reviewing organizational needs
Correct Answer: C
Question #21
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
Correct Answer: A
Question #22
Who prepares each Value Improving Proposal?
- A . The MoV Study Leader
- B . The Programme Owner, who assesses relevant value priorities during Value Profiling
- C . The Value Metric Owner
- D . The owner of the relevant idea or scenario allocated during the selection process
Correct Answer: D
Question #23
Which is NOT an area where it is necessary to strike a balance in order to maximize value?
- A . Reconciling the needs and views of different stakeholders
- B . Balancing capital and operating costs
- C . Balancing the use of resources to reflect their availability and the organization’s priorities
- D . Balancing the overall benefits realized against the use of resources
Correct Answer: B
Question #24
Which statement regarding the MoV processes is true?
- A . All processes will be used at all stages in a project lifecycle
- B . MoV activities change as a project evolves from inception to use
- C . They are only applicable to project environments
- D . They are most applicable at the inception stage of a project
Correct Answer: B
Question #25
Which is NOT a key element of stakeholder consultation?
- A . Ensuring that all major stakeholders for the project have been identified and engaged
- B . Ensuring that the same stakeholder representatives are involved throughout the project
- C . Ensuring that stakeholders are provided with timely, specific and clear information regarding proposals and their impacts throughout the development process
- D . Ensuring that regular feedback on progress is given
Correct Answer: B
Question #26
Which will be included in the MoV Project Plan?
- A . Identification of suitable candidates to lead and participate in the Studies
- B . Key attributes of a proposed Study
- C . Constraints applicable to a proposed Study
- D . A draft function diagram
Correct Answer: A
Question #27
What are the key activities involved in the Processing Information stage?
- A . Preparation, facilitation, creativity and innovation
- B . Analysis, creativity and innovation, and evaluation and selection
- C . Preparation, target-setting, facilitation, and creativity and innovation
- D . Selection of team, preparation of Study Handbook, analysis of data, creativity and Innovation
Correct Answer: A
Question #28
What is provided by a Value Improving Proposal (VIP)?
- A . Information which the decision-makers need in order to decide whether to implement the VIP in full, partially, or not at all
- B . A detailed record of the existing situation that the VIP is intended to improve, including the functions carried out
- C . Information which Senior Management needs in order to implement the VIP
- D . A detailed implementation plan for each VIP
Correct Answer: A
Question #29
Which is a purpose of the MoV Project Plan?
- A . To provide a means of prioritizing stakeholders
- B . To provide information to aid decision-makers when deciding whether to authorize a project
- C . To describe the purpose of a series of MoV Studies throughout a project
- D . To test early models or prototypes before a design is fixed
Correct Answer: C
Question #30
Which MoV document contains a detailed evaluation of options for value improvement?
- A . MoV Project Plan
- B . Value Improving Proposal
- C . MoV Study Handbook
- D . MoV Progress Report
Correct Answer: B