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MOVF Management of Value Foundation Questions and Answers

Questions 4

Which document, prepared during a MoV Study, includes developed recommendations for improving value in a project?

Options:

A.

MoV Implementation Strategy

B.

Value Improving Proposal

C.

MoV Project Plan

D.

MoV Policy

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Questions 5

Which is one stage in the approach to MoV implementation?

Options:

A.

Understand and articulate value

B.

Tailor MoV activity to suit the subject

C.

Frame the programme or project

D.

Apply MoV throughout the investment decision

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Questions 6

Which would you NOT expect to see in a Proposal Implementation Plan?

Options:

A.

A list of proposal owners

B.

The timescale for the inclusion of proposals

C.

A mechanism for review should progress fall below expectations

D.

A risk and sensitivity analysis of proposals

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Questions 7

Which statement about the application of the 7 MoV process stages is true?

Options:

A.

All MoV process stages must be adopted for any MoV Study if it is to be fully effective

B.

The Gather Information process only needs to be undertaken for the first MoV Study in a project

C.

Some processes will be used at many stages, others only in specific stages

D.

Lessons learned MoV studies should only be undertaken at the completion of a project

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Questions 8

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

Options:

A.

IT projects

B.

Products and services with a high value score

C.

Policy-making

D.

Lobbying for support

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Questions 9

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

Options:

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

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Questions 10

What is used to assess whether a particular Value Driver represents good value for money?

Options:

A.

Value index

B.

Cost/benefit analysis

C.

Cost/worth analysis

D.

Cost/function analysis

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Questions 11

Which is true of MoV?

Options:

A.

It is better suited to the private rather than the public sector

B.

It is an informal approach to maximizing value

C.

Compliance with MoV processes is a good measure of added value

D.

Value Improving Proposal

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Questions 12

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

Options:

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

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Questions 13

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

Options:

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)

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Questions 14

Which is an MoV Principle?

Options:

A.

Understand and articulate value

B.

Process information

C.

Focus on functions and required outcomes

D.

Prioritize value

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Exam Code: MOVF
Exam Name: Management of Value Foundation
Last Update: Nov 27, 2023
Questions: 99
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