EX0-006 Online Practice Questions and Answers

Which is a requirement for embedding MoV in an organization?

A. A separate level of management which is set up to focus on MoV activities

B. Support from senior managers

C. A Senior MoV Practitioner who is part of the MoV Board

D. An MoV Study Leader who is appointed as part of each project team

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

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)

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

What should reflect the value drivers in the value cascade?

A. Design solutions

B. Design Considerations

C. Project goals

D. Value Metrics

What is the first step in the MoV Project Plan?

A. Gather and analyze information

B. Prioritize Value Drivers and develop Value Profile

C. Identify the processes to be used

D. Define the study objectives

Which statement regarding the delivery of value is true?

A. Benefits management focuses on maximizing benefits

B. If used, benefits management should be unrelated to the outputs of a MoV Study

C. Rewards linked to achievement of value improvements may be used to motivate staff in MoV

D. A formal benefits management process must be used to monitor value improvements

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 MoV process?

A. Learn from experience and improve

B. Tailor MoV activity to suit the subject

C. Frame the programme or project

D. Focus on functions and required outcomes

Which statement about applying MoV during the investment decision is true?

A. The focus of effort under MoV throughout the lifecycle of an investment decision is to direct requirements for the stage reached

B. MoV studies should be conducted at all key decision points to check decision making

C. When starting up a project MoV clarifies the information that is available to assist in the development of a more comprehensive business case

D. The focus of effort under MoV throughout the lifecycle of an investment decision should be fixed from the start so that value can be measured consistently at each stage

Which is an alternative term for Value Engineering?

A. Value Score

B. Value Profile

C. Value Driver

D. Value Analysis