What are potential options usually evaluated against?
A. Value Drivers
B. Value Improving Proposals
C. MoV Study Handbook
D. MoV Project Plan
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
In order to understand an organization's culture, which would be MOST HELPFUL for a MoV Study Leader to understand?
A. The organization's Value Profile
B. What the organization does
C. The organization's jargon
D. The organization's business priorities
Why should MoV align with an organisation's objectives?
A. To minimise the costs of delivering the project
B. To maximise benefits arising from the project
C. To meet stakeholder expectations
D. To avoid maximising value within one project that could diminish value across the wider programme
Which describes the range of return on investment that has been demonstrated by US Government departments as a result of the application of MoV approaches?
A. Less than 10 to 1
B. Less than 20 to 1
C. Less than 30 to 1
D. More than 30 to 1
Why is Value Engineering (VE) applied?
A. VE improves value by balancing function and cost whilst trading off time and quality
B. VE primarily aims to bring all the key stakeholders together to reduce project costs
C. VE primarily aims to assess value for money in an existing design or set of circumstances
D. VE produces value improving proposals which will be implemented by the project team
Which is a key component of the Evaluate and Select process?
A. Initial briefing meeting
B. Team selection
C. Resource analysis
D. Idea selection
Which is a fundamental question that Value Management is intended to address?
A. Are we maximizing our investments at an affordable cost by removing risk?
B. Are we maximizing our investments by focussing on minimizing costs?
C. Are we maximizing our investments at an affordable cost with a known and acceptable level of risk?
D. Are we maximizing our investments based on all stakeholder requirements?
Which is a true statement describing the brainstorming technique?
A. Generates a large volume of ideas in a short timeframe
B. Focuses on eliminating ideas which may be unsuitable
C. Analyses in detail a small number of options
D. Enables team members to raise ideas anonymously
What is obligatory in MoV?
A. Seven principles which are obligatory for good practice
B. Eight main groups of processes which are described in detail
C. One core requirement to embed MoV across the organisation
D. Two function analysis techniques which must be applied
