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
How is cost benefit analysis applied during an MoV Study?
A. In Studies of process or procedure, it can be combined with many other tools, e.g. process-mapping and option selection
B. It creates a focus on comparison of the benefits that MoV could deliver over the long term with the cost of a MoV Study
C. It is used to establish discounted cash flow for Value Improving Proposals
D. It is used to assess the Value Index
What are potential options usually evaluated against?
A. Value Drivers
B. Value Improving Proposals
C. MoV Study Handbook
D. MoV Project Plan
Which is NOT an area where it is necessary to strike a balance in order to maximize value?
A. Reconciling the needs and views of different stakeholders
B. Balancing capital and operating costs
C. Balancing the use of resources to reflect their availability and the organization's priorities
D. Balancing the overall benefits realized against the use of resources
Which method provides a good checklist for communication during an MoV study?
A. Brainstorming
B. Five Ws and an H
C. Function Analysis
D. Cost/Worth
Which is an MoV Principle?
A. Understand and articulate value
B. Process information
C. Focus on functions and required outcomes
D. Prioritize value
Which statement about MoV is true?
A. It supports decision-making based on minimizing value for money
B. It encourages innovation outside of an organization's goals
C. It facilitates optimal balance between investment and long-term operating expenditure
D. It removes resources from consideration when reviewing organizational needs
Which statement about implementing a Value Improving Proposal is FALSE?
A. The Proposal Implementation Plan provides the project managers with details of the expected value improvements (or benefits)
B. Communication flowing from collaborative feedback enhances the effectiveness of MoV and helps build an appropriate culture
C. The Proposal Implementation Plan enables project managers to monitor and manage the implementation process
D. The Proposal Owners are NOT responsible for ensuring that their proposals are implemented
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