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Management of Value Foundation Questions and Answers

Question 1

Which is a fundamental question that Value Management is intended to address?

Options:

A.

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

B.

Are we maximizing our investments by focussing on minimizing costs?

C.

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

D.

Are we maximizing our investments based on all stakeholder requirements?

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Question 2

When should an organization consider it necessary to fully embed MoV?

Options:

A.

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

B.

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

C.

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

D.

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

Question 3

How is cost benefit analysis applied during an MoV Study?

Options:

A.

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

B.

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

C.

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

D.

It is used to assess the Value Index