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
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
What are the key activities involved in the Processing Information stage?
A. Preparation, facilitation, creativity and innovation
B. Analysis, creativity and innovation, and evaluation and selection
C. Preparation, target-setting, facilitation, and creativity and innovation
D. Selection of team, preparation of Study Handbook, analysis of data, creativity and Innovation
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 a main method of Function Analysis?
A. Value Improving Proposal
B. Value Tree
C. Discounted Cash Flow
D. Brainstorming
Which statement about MoV Principles is true?
A. They provide a prescriptive framework for an organization to apply when using MoV
B. NOT all Principles will apply to all projects
C. An organization should use the Principles to develop their own policies and processes
D. They are industry-specific
Which is true of MoV?
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
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 would be undertaken in the Process Information process?
A. Collating information gathered to date and documenting any analysis already conducted
B. Meeting with key stakeholders to gain consensus on MoV Study objectives
C. Deciding to implement part of a Value Improving Proposal
D. Reviewing cost estimates to check for double counting
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