MOVF Online Practice Questions and Answers

How is cost benefit analysis applied during an MoV Study?

A. In Studies of process or procedure, it can be combined with many other tools, e.g. process-mapping and option selection

B. It creates a focus on comparison of the benefits that MoV could deliver over the long term with the cost of a MoV Study

C. It is used to establish discounted cash flow for Value Improving Proposals

D. It is used to assess the Value Index

Which is NOT a recommended action in constructing an Option Evaluation Matrix?

A. Select criteria

B. Define scale of improvement required and sensitivity ranges

C. Set targets

D. Establish weights for relative importance

How many phases does the MoV Value Engineering Job Plan contain?

A. Six

B. Ten

C. Twelve

D. Eight

Which is part of the Information or Analysis phase of the Value Engineering Job Plan?

A. Presenting recommendations for improving value

B. Understanding the purpose of the Study

C. Brainstorming ideas to improve value

D. Developing Value Improving Proposals

Which is a main method of Function Analysis?

A. Value Improving Proposal

B. Value Tree

C. Discounted Cash Flow

D. Brainstorming

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

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

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 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

Which is the main Study Output from the Start Up or Inception stage of a project?

A. Information to clarify a viable Brief

B. Functional definition of project

C. Information to improve the Business Case

D. Maximized value

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

What is obligatory in MoV?

A. Seven principles which are obligatory for good practice

B. Eight main groups of processes which are described in detail

C. One core requirement to embed MoV across the organisation

D. Two function analysis techniques which must be applied

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 is a true statement about the Value Index?

A. It is a measure of how well the project, in its current state of development, satisfies the project objectives

B. It measures value for money

C. It is based on non-financial criteria

D. It should only be changed if business needs change

Which would you NOT expect to see in a Proposal Implementation Plan?

A. A list of proposal owners

B. The timescale for the inclusion of proposals

C. A mechanism for review should progress fall below expectations

D. A risk and sensitivity analysis of proposals