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Exin MOVF Management of Value Foundation Exam Practice Test

Demo: 14 questions
Total 99 questions
Get MOVF Full Access Download MOVF PDF

Management of Value Foundation Questions and Answers

Question 1

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 2

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

Options:

A.

Presenting recommendations for improving value

B.

Understanding the purpose of the Study

C.

Brainstorming ideas to improve value

D.

Developing Value Improving Proposals

Question 3

Which is a main method of Function Analysis?

Options:

A.

Value Improving Proposal

B.

Value Tree

C.

Discounted Cash Flow

D.

Brainstorming

Question 4

When formulating MoV Study Plans, which proposition is true?

Options:

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

Question 5

Which is true of MoV?

Options:

A.

It is better suited to the private rather than the public sector

B.

It is an informal approach to maximizing value

C.

Compliance with MoV processes is a good measure of added value

D.

Value Improving Proposal

Question 6

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 7

Which is a correct distinction between Value Engineering and Value Analysis?

Options:

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

Question 8

In order to understand an organization's culture, which would be MOST HELPFUL for a MoV Study Leader to understand?

Options:

A.

The organization's Value Profile

B.

What the organization does

C.

The organization's jargon

D.

The organization's business priorities

Question 9

Which document, prepared during a MoV Study, includes developed recommendations for improving value in a project?

Options:

A.

MoV Implementation Strategy

B.

Value Improving Proposal

C.

MoV Project Plan

D.

MoV Policy

Question 10

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 11

Which statement about applying mind showering in MoV is true?

Options:

A.

Uses the cost model as a guide to focus on idea generation

B.

Discourages foolish ideas

C.

Focuses on idea quality NOT quantity

D.

Ensures that all ideas are made visible

Question 12

Which is a reason for conducting a health check?

Options:

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

Question 13

Which is a true statement describing the brainstorming technique?

Options:

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

Question 14

Which three criteria explain why the MoV individual competence model is useful to an organisation?

1. To assess an individual's capabilities and the type of MoV study for which they are suited.

2. To recognise that a fully but recently qualified practitioner will lack the experience to undertake studies on particularly complex projects.

3. To enable recently qualified practitioners to learn to undertake MoV where human and cultural factors may be significant.

4. To allow recently qualified practitioners to undertake studies on particularly complex projects.

Options:

A.

1, 2, 3

B.

1, 2, 4

C.

1, 3, 4

D.

2, 3, 4

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Demo: 14 questions
Total 99 questions
Get MOVF Full Access Download MOVF PDF