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Exin MOVF Management of Value Foundation Exam Practice Test

Demo: 14 questions
Total 99 questions

Management of Value Foundation Questions and Answers

Question 1

Which is one of the three main areas where it is necessary to strike a balance to maximise value?

Options:

A.

Controlling costs in line with programme and project objectives

B.

Identifying benefits in line with programme and project objectives

C.

Meeting every stakeholder's initial expectations

D.

Redistributing resources across different value drivers

Question 2

Which technique would you use to understand "business as usual"?

Options:

A.

Benchmarking

B.

Weighting techniques

C.

MoV health check

D.

Process mapping

Question 3

Which is a MoV process?

Options:

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

Question 4

How is a function described in Function Analysis in MoV?

Options:

A.

Verb only

B.

Adjective and verb

C.

Verb and noun

D.

Adjective and noun

Question 5

Which should determine the focus for a creativity session?

Options:

A.

Cost analysis

B.

Function cost analysis

C.

Individuals should be free and encouraged to determine their own focus

D.

Inadequate performance

Question 6

During which MoV process would Stakeholder Analysis first be undertaken?

Options:

A.

Analyze Information

B.

Develop Value Improving Proposals

C.

Evaluate and Select

D.

Frame the Programme or Project

Question 7

Which is a true statement about the Value Index?

Options:

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

Question 8

Who should undertake the assessment of value priorities when creating a value profile?

Options:

A.

The project team

B.

Programme owners or Project Sponsors and End Users

C.

The MoV Study Team

D.

Functional experts

Question 9

Which is an MoV Principle?

Options:

A.

Understand and articulate value

B.

Process information

C.

Focus on functions and required outcomes

D.

Prioritize value

Question 10

Which is a purpose of the MoV Project Plan?

Options:

A.

To provide a means of prioritizing stakeholders

B.

To provide information to aid decision-makers when deciding whether to authorize a project

C.

To describe the purpose of a series of MoV Studies throughout a project

D.

To test early models or prototypes before a design is fixed

Question 11

Which MoV document contains a detailed evaluation of options for value improvement?

Options:

A.

MoV Project Plan

B.

Value Improving Proposal

C.

MoV Study Handbook

D.

MoV Progress Report

Question 12

Which statement regarding the steps in the Generic MoV Study Plan is true?

Options:

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

Question 13

In which situation should caution be used in deciding whether to apply MoV?

Options:

A.

IT projects

B.

Products and services with a high value score

C.

Policy-making

D.

Lobbying for support

Question 14

Which is a requirement for embedding MoV in an organization?

Options:

A.

A separate level of management which is set up to focus on MoV activities

B.

Support from senior managers

C.

A Senior MoV Practitioner who is part of the MoV Board

D.

An MoV Study Leader who is appointed as part of each project team

Demo: 14 questions
Total 99 questions