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EX0-006 Management of Value Foundation

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EXIN · EX0-006

Free EX0-006 Exam Dumps Preview

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Question 1

Single choice

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

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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Correct answerC

Question 2

Single choice

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

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Correct answerD

Question 3

Single choice

Which is an alternative term for Value Engineering?

A
Value Score
B
Value Profile
C
Value Driver
D
Value Analysis

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Correct answerD

Question 4

Single choice

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

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Correct answerC

Question 5

Single choice

Why may cost benefit analysis (CBA) be applied when developing a Value Improving Proposal (VIP)?

A
It compares the initial magnitude of cost of an MoV Study with the long term benefits it will deliver
B
All new policies, programmes and projects should be subject to comprehensive but proportionate assessment
C
It is used in conjunction with discounted cash flow to ensure that the lowest cost VIP is always selected
D
It assesses the benefits of implementing a proposal against the risk that the VIP may fail

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Correct answerB

Question 6

Single choice

How are Value Drivers used when creating a Value Tree?

A
The Value Tree is derived from the Value Profile after prioritising the Value Drivers
B
Value Drivers describe the physical elements of the project in the Value Tree
C
Primary Value Drivers are linked to statements describing design considerations which in turn are linked to a statement of objectives
D
Value Drivers are linked (as roots) to a statement of SMART objectives (the tree trunk)

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Correct answerD

Question 7

Single choice

When should the Delphi technique be used?

A
To get a range of expert opinions
B
To develop scenarios
C
To generate ideas
D
To build consensus

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Correct answerD

Question 8

Single choice

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

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Correct answerB

Question 9

Single choice

Which of the following cost types would be considered in calculating discounted cash flow?

1. Capital or one off costs

2. Periodic maintenance costs

3. Regular operational costs

4. Opportunity costs

A
1,2,3
B
1,2,4
C
1,3,4
D
2,3,4

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Correct answerA

Question 10

Single choice

Which approach can hide opportunity for innovation when benchmarking?

A
Focusing on anomalies, rather than problems in common, identified by benchmarking
B
Benchmarking exclusively with same type organisation
C
Benchmarking against a wide pool of organisations whose only feature in common lies in the type of process used
D
Making any external comparison

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Correct answerB

Question 11

Single choice

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

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Correct answerB

Question 12

Single choice

What does the Function Analysis Systems Technique produce?

A
A diagram representing functions and their hierarchy
B
A detailed proposal to improve value
C
A diagram showing information flows and responsibilities
D
An analysis of current equivalent values of future cash flows

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Correct answerA

Question 13

Single choice

What are potential options usually evaluated against?

A
Value Drivers
B
Value Improving Proposals
C
MoV Study Handbook
D
MoV Project Plan

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Correct answerA

Question 14

Single choice

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

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Correct answerA

Question 15

Single choice

Who should be responsible for developing a value-improving proposal?

A
The MoV team as a whole
B
The most relevant functional manager
C
The allocated owner of the value improving proposal
D
A technical expert nominated by the allocated owner

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Correct answerC

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Management of Value Foundation

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