Which is part of the Information or Analysis phase of the Value Engineering Job Plan?
A. Presenting recommendations for improving value
B. Understanding the purpose of the Study
C. Brainstorming ideas to improve value
D. Developing Value Improving Proposals
Which is NOT required for a top-down approach to introducing MoV to an organization?
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
Which is an MoV Principle?
A. Understand and articulate value
B. Process information
C. Focus on functions and required outcomes
D. Prioritize value
When should an organization consider it necessary to establish in-house MoV delivery capability?
A. When MoV is running only on a project-by-project basis
B. When the scale of MoV applications becomes large and frequent enough to justify an internal delivery capability
C. When a third party procurement is running successfully
D. When it can benefit from more effective use of internal resources by broadening their capabilities
Which is a valid criterion for assessing the return on investment of an MoV Study?
A. Completed on time
B. Delivers a reduction on cost
C. MoV processes being followed
D. Completed within budget
What is used to assess whether a particular Value Driver represents good value for money?
A. Value index
B. Cost/benefit analysis
C. Cost/worth analysis
D. Cost/function analysis
Which statement regarding the MoV processes is true?
A. All processes will be used at all stages in a project lifecycle
B. MoV activities change as a project evolves from inception to use
C. They are only applicable to project environments
D. They are most applicable at the inception stage of a project
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
When would MoV NOT be of use?
A. When determining the value of a decommissioned asset
B. During the transition of an asset into the operational environment
C. When an asset is in the operational environment
D. During the delivery stage of a project
Which technique is MOST EFFECTIVE in stimulating innovation?
A. Apply Brainstorming through freewheeling discussion to trigger ideas in people's minds and then record the best ideas
B. Apply Brainstorming using the Function Analysis model as a guide to focus creative thinking
C. Use creative thinking to evaluate each idea as it is identified, reject the unsuitable ideas and maximize the innovative ones
D. Maintain live and visible records which assess the financial impact of each idea identified to maintain focus on innovative ideas
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