EX0-006 Online Practice Questions and Answers

Which statement about MoV is true?

A. It supports decision-making based on minimizing value for money

B. It encourages innovation outside of an organization's goals

C. It facilitates optimal balance between investment and long-term operating expenditure

D. It removes resources from consideration when reviewing organizational needs

Which is an MoV Principle?

A. Understand and articulate value

B. Process information

C. Focus on functions and required outcomes

D. Prioritize value

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 is a main method of Function Analysis?

A. Value Improving Proposal

B. Value Tree

C. Discounted Cash Flow

D. Brainstorming

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

Which is NOT a purpose of the Decision Building meeting when Developing Value Improving Proposals?

A. To enable owners of Value Improving Proposals to present their suggestions to a panel of senior managers

B. To discuss the findings of each Value Improving Proposal and agree whether or not it should be implemented in whole or in part

C. To allocate an owner who is responsible for the implementation of each of the Value Improving Proposals selected

D. To supply project managers with details of how and when Value Improving Proposals will be implemented and the expected value improvements (or benefits)

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 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?"

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 main reason that an MoV Project Plan needs to be reviewed when the Business Case changes?

A. To maintain business profitability

B. To ensure that the choice of team members is still appropriate

C. To ensure selected tools and techniques are still appropriate

D. To ensure that the Value Profile reflects the changed needs of the business

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

Which statement about a decision building meeting is true?

A. It should be chaired by the senior responsible owner.

B. The owner, responsible for implementation, has already been determined by the MoV team before the meeting.

C. Decisions from the meeting should form the basis of the proposal implementation plan

D. Attendees should be limited to the senior responsible person, project manager and project sponsor

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

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

Which is MOST APPROPRIATE when estimating costs where the scope is uncertain?

A. Wait until the scope is certain and then estimate

B. Estimate only those areas where the scope is certain

C. Start with an initial best guess estimate and update it as more information becomes known

D. Develop a cost model and refine the scope to meet the cost model