MOVF Practice Exam Questions with Answers Management of Value Foundation Certification

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

To enable owners of Value Improving Proposals to present their suggestions to a panel of senior managers

To discuss the findings of each Value Improving Proposal and agree whether or not it should be implemented in whole or in part

To allocate an owner who is responsible for the implementation of each of the Value Improving Proposals selected

To supply project managers with details of how and when Value Improving Proposals will be implemented and the expected value improvements (or benefits)

It compares the initial magnitude of cost of an MoV Study with the long term benefits it will deliver

All new policies, programmes and projects should be subject to comprehensive but proportionate assessment

It is used in conjunction with discounted cash flow to ensure that the lowest cost VIP is always selected

It assesses the benefits of implementing a proposal against the risk that the VIP may fail

The project team

Programme owners or Project Sponsors and End Users

The MoV Study Team

Functional experts

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?

Initial briefing meeting

Team selection

Resource analysis

Idea selection

Less than 10 to 1

Less than 20 to 1

Less than 30 to 1

More than 30 to 1

Controlling costs in line with programme and project objectives

Identifying benefits in line with programme and project objectives

Meeting every stakeholder's initial expectations

Redistributing resources across different value drivers

To minimize the risk that maximizing value within one project could diminish value across the wider programme

To ensure that evolving requirements are considered throughout the project

To take up lessons learned from previous experience in order to avoid repetition of past mistakes

To ensure that there is adequate governance in place to support and deliver MoV