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EX0-006 Online Practice Questions

Management of Value Foundation

99 questions available · Page 1 of 10

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Question 1 Single choice

Which MoV document contains a detailed evaluation of options for value improvement?

  1. A

    MoV Project Plan

  2. B

    Value Improving Proposal

  3. C

    MoV Study Handbook

  4. D

    MoV Progress Report

Show answer and explanation

Correct answer: B

Question 2 Single choice

Which statement regarding a Value Improving Proposal is true?

  1. A

    It provides information to feed into the MoV Policy

  2. B

    It is an idea-generation technique

  3. C

    It is based on detailed analysis of selected ideas or options

  4. D

    It is developed before an Option Evaluation Matrix

Show answer and explanation

Correct answer: C

Question 3 Single choice

Which statement about implementing a Value Improving Proposal is FALSE?

  1. A

    The Proposal Implementation Plan provides the project managers with details of the expected value improvements (or benefits)

  2. B

    Communication flowing from collaborative feedback enhances the effectiveness of MoV and helps build an appropriate culture

  3. C

    The Proposal Implementation Plan enables project managers to monitor and manage the implementation process

  4. D

    The Proposal Owners are NOT responsible for ensuring that their proposals are implemented

Show answer and explanation

Correct answer: D

Question 4 Single choice

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

  1. A

    To enable owners of Value Improving Proposals to present their suggestions to a panel of senior managers

  2. B

    To discuss the findings of each Value Improving Proposal and agree whether or not it should be implemented in whole or in part

  3. C

    To allocate an owner who is responsible for the implementation of each of the Value Improving Proposals selected

  4. D

    To supply project managers with details of how and when Value Improving Proposals will be implemented and the expected value improvements (or benefits)

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Correct answer: D

Question 5 Single choice

Which is one stage in the approach to MoV implementation?

  1. A

    Understand and articulate value

  2. B

    Tailor MoV activity to suit the subject

  3. C

    Frame the programme or project

  4. D

    Apply MoV throughout the investment decision

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Correct answer: A

Question 6 Single choice

Which statement regarding the Function Analysis Systems Technique is true?

  1. A

    Functions should describe the features of a product rather than what it does

  2. B

    A Primary Basic Function consists of one or more Higher Order Functions

  3. C

    A Primary Basic Function consists of one or more Primary Supporting Functions

  4. D

    Moving from the Higher Order Function to the Primary Basic Function answers the question "How do we do this?"

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Correct answer: D

Question 7 Single choice

Value mismatches are identified in which phase of the Value Engineering Job Plan?

  1. A

    Creativity

  2. B

    Value Definition

  3. C

    Analysis

  4. D

    Development

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Correct answer: C

Question 8 Single choice

How is a function described in Function Analysis in MoV?

  1. A

    Verb only

  2. B

    Adjective and verb

  3. C

    Verb and noun

  4. D

    Adjective and noun

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Correct answer: C

Question 9 Single choice

Which is a requirement for embedding MoV in an organization?

  1. A

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

  2. B

    Support from senior managers

  3. C

    A Senior MoV Practitioner who is part of the MoV Board

  4. D

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

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Correct answer: B

Question 10 Single choice

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

  1. A

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

  2. B

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

  3. C

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

  4. 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

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Correct answer: C