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Management of Value Foundation Questions and Answers

Question 5

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

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

Question 6

Which is an alternative term for Value Engineering?

Value Score

Value Profile

Value Driver

Value Analysis

Question 7

Which of the following cost types would be considered in calculating discounted cash flow?

1. Capital or one off costs

2. Periodic maintenance costs

3. Regular operational costs

4. Opportunity costs

1, 2, 3

1, 2, 4

1, 3, 4

2,3, 4

Question 8

Which statement about MoV is true?

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