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
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 should determine the focus for a creativity session?
A. Cost analysis
B. Function cost analysis
C. Individuals should be free and encouraged to determine their own focus
D. Inadequate performance
When should the Delphi technique be used?
A. To get a range of expert opinions
B. To develop scenarios
C. To generate ideas
D. To build consensus
How are Value Drivers used when creating a Value Tree?
A. The Value Tree is derived from the Value Profile after prioritising the Value Drivers
B. Value Drivers describe the physical elements of the project in the Value Tree
C. Primary Value Drivers are linked to statements describing design considerations which in turn are linked to a statement of objectives
D. Value Drivers are linked (as roots) to a statement of SMART objectives (the tree trunk)
Which is an alternative term for Value Engineering?
A. Value Score
B. Value Profile
C. Value Driver
D. Value Analysis
Which is a true statement about the Value Index?
A. It is a measure of how well the project, in its current state of development, satisfies the project objectives
B. It measures value for money
C. It is based on non-financial criteria
D. It should only be changed if business needs change
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
Which statement regarding the delivery of value is true?
A. Benefits management focuses on maximizing benefits
B. If used, benefits management should be unrelated to the outputs of a MoV Study
C. Rewards linked to achievement of value improvements may be used to motivate staff in MoV
D. A formal benefits management process must be used to monitor value improvements
What is obligatory in MoV?
A. Seven principles which are obligatory for good practice
B. Eight main groups of processes which are described in detail
C. One core requirement to embed MoV across the organisation
D. Two function analysis techniques which must be applied
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