EX0-006 Online Practice Questions and Answers

Which is NOT required for a top-down approach to introducing MoV to an organization?

A. Providing guidance on how MoV will be used on projects

B. Setting up a strategy for implementing MoV Policy

C. Establishing an internal resource skilled in the application of MoV

D. Developing procedures for data capture and feedback

What is used to assess whether a particular Value Driver represents good value for money?

A. Value index

B. Cost/benefit analysis

C. Cost/worth analysis

D. Cost/function analysis

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 method provides a good checklist for communication during an MoV study?

A. Brainstorming

B. Five Ws and an H

C. Function Analysis

D. Cost/Worth

What are potential options usually evaluated against?

A. Value Drivers

B. Value Improving Proposals

C. MoV Study Handbook

D. MoV Project Plan

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 the application of the 7 MoV process stages is true?

A. All MoV process stages must be adopted for any MoV Study if it is to be fully effective

B. The Gather Information process only needs to be undertaken for the first MoV Study in a project

C. Some processes will be used at many stages, others only in specific stages

D. Lessons learned MoV studies should only be undertaken at the completion of a project

Which is a reason for conducting a health check?

A. Review the status of MoV in an organization where MoV activities could be improved

B. Select value-improving proposals for implementation

C. Develop an Option Evaluation Matrix

D. Identify MoV study leaders