How is cost benefit analysis applied during an MoV Study?
A. In Studies of process or procedure, it can be combined with many other tools, e.g. process-mapping and option selection
B. It creates a focus on comparison of the benefits that MoV could deliver over the long term with the cost of a MoV Study
C. It is used to establish discounted cash flow for Value Improving Proposals
D. It is used to assess the Value Index
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
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
How many phases does the MoV Value Engineering Job Plan contain?
A. Six
B. Ten
C. Twelve
D. Eight
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
Which technique is MOST EFFECTIVE in stimulating innovation?
A. Apply Brainstorming through freewheeling discussion to trigger ideas in people's minds and then record the best ideas
B. Apply Brainstorming using the Function Analysis model as a guide to focus creative thinking
C. Use creative thinking to evaluate each idea as it is identified, reject the unsuitable ideas and maximize the innovative ones
D. Maintain live and visible records which assess the financial impact of each idea identified to maintain focus on innovative ideas
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
Which is the main reason that an MoV Project Plan needs to be reviewed when the Business Case changes?
A. To maintain business profitability
B. To ensure that the choice of team members is still appropriate
C. To ensure selected tools and techniques are still appropriate
D. To ensure that the Value Profile reflects the changed needs of the business
Which is a reason for conducting a health check?
A. Review the status of MoV in an organization where MoV activities could be improved
B. Select value-improving proposals for implementation
C. Develop an Option Evaluation Matrix
D. Identify MoV study leaders
Which document, prepared during a MoV Study, includes developed recommendations for improving value in a project?
A. MoV Implementation Strategy
B. Value Improving Proposal
C. MoV Project Plan
D. MoV Policy
