MOVF Online Practice Questions and Answers

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 is a reason why MoV should be applied throughout the Investment Decision?

A. To minimize the number of points where decisions need to be made

B. To ensure that information used to make a decision is used only in that decision

C. To maximize value in the face of evolving requirements

D. To ensure that reviews such as those conducted under the Gateway Review Process will be positive

Which statement regarding the Function Analysis Systems Technique is true?

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

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

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

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

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 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 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

Which would be undertaken in the Process Information process?

A. Collating information gathered to date and documenting any analysis already conducted

B. Meeting with key stakeholders to gain consensus on MoV Study objectives

C. Deciding to implement part of a Value Improving Proposal

D. Reviewing cost estimates to check for double counting

When should an organization consider it necessary to fully embed MoV?

A. MoV is running only on a project-by-project basis

B. The scale of MoV applications become large and frequent enough to justify an internal delivery capability

C. The organization anticipates that their MoV needs will be minimal and external resource can be procured on an 'as-needed' basis

D. Senior Management ask to be convinced of the merits of MoV before committing to the process

Which is the first phase in the Value Engineering Job Plan?

A. Evaluation

B. Information

C. Creative

D. Development