Free and Premium Exin MOVF Dumps Questions Answers

The focus of effort under MoV throughout the lifecycle of an investment decision is to direct requirements for the stage reached

MoV studies should be conducted at all key decision points to check decision making

When starting up a project MoV clarifies the information that is available to assist in the development of a more comprehensive business case

The focus of effort under MoV throughout the lifecycle of an investment decision should be fixed from the start so that value can be measured consistently at each stage

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

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

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

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

Are we maximizing our investments at an affordable cost by removing risk?

Are we maximizing our investments by focussing on minimizing costs?

Are we maximizing our investments at an affordable cost with a known and acceptable level of risk?

Are we maximizing our investments based on all stakeholder requirements?

Benefits management focuses on maximizing benefits

If used, benefits management should be unrelated to the outputs of a MoV Study

Rewards linked to achievement of value improvements may be used to motivate staff in MoV

A formal benefits management process must be used to monitor value improvements

MoV is running only on a project-by-project basis

The scale of MoV applications become large and frequent enough to justify an internal delivery capability

The organization anticipates that their MoV needs will be minimal and external resource can be procured on an 'as-needed' basis

Senior Management ask to be convinced of the merits of MoV before committing to the process

Value Score

Value Profile

Value Driver

Value Analysis

1, 2, 3

1, 2, 4

1, 3, 4

2,3, 4

It supports decision-making based on minimizing value for money

It encourages innovation outside of an organization's goals

It facilitates optimal balance between investment and long-term operating expenditure

It removes resources from consideration when reviewing organizational needs

Providing guidance on how MoV will be used on projects

Setting up a strategy for implementing MoV Policy

Establishing an internal resource skilled in the application of MoV

Developing procedures for data capture and feedback

It enables the Programme Manager to pass valuable lessons learned during one project on to other projects

It eliminates the need for regular meetings of the Senior MoV Practitioner and Study Leaders

It replaces the need to involve the Project Sponsor in MoV Studies who may be busy

It enables the Programme Manager to report to the Senior MoV Practitioner and MoV Board on lessons learned

The project team

Programme owners or Project Sponsors and End Users

The MoV Study Team

Functional experts

Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

Value Analysis and Value Engineering, while similar, differ in that they employ different process steps

Functions should describe the features of a product rather than what it does

A Primary Basic Function consists of one or more Higher Order Functions

A Primary Basic Function consists of one or more Primary Supporting Functions

Moving from the Higher Order Function to the Primary Basic Function answers the question "How do we do this?"

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

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

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

It is used to assess the Value Index