How many types of value mismatches can the Analysis phase of the Value Engineering Job Plan reveal?
A. Three
B. Four
C. Five
D. Six
How is a function described in Function Analysis in MoV?
A. Verb only
B. Adjective and verb
C. Verb and noun
D. Adjective and noun
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
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
Why is it essential to manage value deliberately?
A. Value is subjective and without a deliberate approach will NOT be fully realised
B. Value can only be realized when focusing on minimizing cost
C. Value can only be realized if there is a focus on needs rather than desires
D. A consistent process, rigidly applied is essential to realize value
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 NOT a factor to consider when tailoring MoV for a project?
A. Total cost
B. Availability of staff
C. Number of business units affected
D. Similarity to other projects already undertaken in the organization
Which is part of the Follow-up phase of the Value Engineering Job Plan?
A. Presenting recommendations for improving value
B. Monitoring progress of the implementation plan
C. Agreeing the implementation plan
D. Developing Value Improving Proposals
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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