Which statement about MoV Principles is true?
A. They provide a prescriptive framework for an organization to apply when using MoV
B. NOT all Principles will apply to all projects
C. An organization should use the Principles to develop their own policies and processes
D. They are industry-specific
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 a Value Improving Proposal is true?
A. It provides information to feed into the MoV Policy
B. It is an idea-generation technique
C. It is based on detailed analysis of selected ideas or options
D. It is developed before an Option Evaluation Matrix
Who prepares each Value Improving Proposal?
A. The MoV Study Leader
B. The Programme Owner, who assesses relevant value priorities during Value Profiling
C. The Value Metric Owner
D. The owner of the relevant idea or scenario allocated during the selection process
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
Why may cost benefit analysis (CBA) be applied when developing a Value Improving Proposal (VIP)?
A. It compares the initial magnitude of cost of an MoV Study with the long term benefits it will deliver
B. All new policies, programmes and projects should be subject to comprehensive but proportionate assessment
C. It is used in conjunction with discounted cash flow to ensure that the lowest cost VIP is always selected
D. It assesses the benefits of implementing a proposal against the risk that the VIP may fail
Which statement regarding the steps in the Generic MoV Study Plan is true?
A. The final step should be to develop the Value Improving Proposals
B. The first step should be to define the MoV Study objectives
C. The Implementation Plan should be agreed before setting targets for benefits improvement
D. The Value Drivers should be prioritized before identifying the functions
Which is a main method of Function Analysis?
A. Value Improving Proposal
B. Value Tree
C. Discounted Cash Flow
D. Brainstorming
What is provided by a Value Improving Proposal (VIP)?
A. Information which the decision-makers need in order to decide whether to implement the VIP in full, partially, or not at all
B. A detailed record of the existing situation that the VIP is intended to improve, including the functions carried out
C. Information which Senior Management needs in order to implement the VIP
D. A detailed implementation plan for each VIP
Which is a key component of the Frame the Programme or Project process?
A. Initial briefing meeting
B. Team selection
C. Resource analysis
D. Idea selection
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