Which statement about implementing a Value Improving Proposal is FALSE?
A. The Proposal Implementation Plan provides the project managers with details of the expected value improvements (or benefits)
B. Communication flowing from collaborative feedback enhances the effectiveness of MoV and helps build an appropriate culture
C. The Proposal Implementation Plan enables project managers to monitor and manage the implementation process
D. The Proposal Owners are NOT responsible for ensuring that their proposals are implemented
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
How many phases does the MoV Value Engineering Job Plan contain?
A. Six
B. Ten
C. Twelve
D. Eight
Which is a benefit of the MoV Study Leader reporting to the Programme Manager?
A. It enables the Programme Manager to pass valuable lessons learned during one project on to other projects
B. It eliminates the need for regular meetings of the Senior MoV Practitioner and Study Leaders
C. It replaces the need to involve the Project Sponsor in MoV Studies who may be busy
D. It enables the Programme Manager to report to the Senior MoV Practitioner and MoV Board on lessons learned
Which is a true statement describing the brainstorming technique?
A. Generates a large volume of ideas in a short timeframe
B. Focuses on eliminating ideas which may be unsuitable
C. Analyses in detail a small number of options
D. Enables team members to raise ideas anonymously
Which is a purpose of the Align with Organisational Objectives Principle?
A. To minimize the risk that maximizing value within one project could diminish value across the wider programme
B. To ensure that evolving requirements are considered throughout the project
C. To take up lessons learned from previous experience in order to avoid repetition of past mistakes
D. To ensure that there is adequate governance in place to support and deliver MoV
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 of the following cost types would be considered in calculating discounted cash flow?
1.
Capital or one off costs
2.
Periodic maintenance costs
3.
Regular operational costs
4.
Opportunity costs
A. 1, 2, 3
B. 1, 2, 4
C. 1, 3, 4
D. 2,3, 4
Why should MoV align with an organisation's objectives?
A. To minimise the costs of delivering the project
B. To maximise benefits arising from the project
C. To meet stakeholder expectations
D. To avoid maximising value within one project that could diminish value across the wider programme