MOVF Online Practice Questions and Answers

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 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 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

How many types of value mismatches can the Analysis phase of the Value Engineering Job Plan reveal?

A. Three

B. Four

C. Five

D. Six

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

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 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

Which document, prepared during a MoV Study, includes developed recommendations for improving value in a project?

A. MoV Implementation Strategy

B. Value Improving Proposal

C. MoV Project Plan

D. MoV Policy

Who should be responsible for developing a value-improving proposal?

A. The MoV team as a whole

B. The most relevant functional manager

C. The allocated owner of the value improving proposal

D. A technical expert nominated by the allocated owner

Which is one stage in the approach to MoV implementation?

A. Understand and articulate value

B. Tailor MoV activity to suit the subject

C. Frame the programme or project

D. Apply MoV throughout the investment decision