Who should undertake the assessment of value priorities when creating a value profile?
A. The project team
B. Programme owners or Project Sponsors and End Users
C. The MoV Study Team
D. Functional experts
When formulating MoV Study Plans, which proposition is true?
A. Environmental influences present inherent conflicts which can be reconciled through MoV
B. Legal requirements rarely affect perceptions of value
C. Technology developments are uncertain and so the possible impact on value is unknown
D. It is unnecessary to understand what other organizations are doing
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 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
When should MoV be embedded into an organization using a formal/top-down approach?
A. The embedding of MoV is required throughout the investment decision.
B. When the scale of MoV applications become large and frequent.
C. When organizations anticipate that their MoV needs will be minimal.
D. When people engaged on other work wish to add MoV to their set of skills.
What is the purpose of Function Analysis?
A. To analyze what things do
B. To analyze what things are
C. To define how to produce things
D. To define how much things cost to produce
In which situation should caution be used in deciding whether to apply MoV?
A. IT projects
B. Products and services with a high value score
C. Policy-making
D. Lobbying for support
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
On a FAST diagram, where would you expect to find functions with the lowest level of abstraction?
A. On the far right of the diagram
B. On the far left of the diagram
C. At the bottom of the diagram
D. Anywhere - there is no relationship between level of abstraction and location on the diagram
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
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