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Practice Free MOVF Management of Value Foundation Exam Questions Answers With Explanation

We at Crack4sure are committed to giving students who are preparing for the Exin MOVF Exam the most current and reliable questions . To help people study, we've made some of our Management of Value Foundation exam materials available for free to everyone. You can take the Free MOVF Practice Test as many times as you want. The answers to the practice questions are given, and each answer is explained.

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Question # 6

How is cost benefit analysis applied during an MoV Study?

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

Question # 7

Which is NOT a purpose of the Decision Building meeting when Developing Value Improving Proposals?

A.

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

B.

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

C.

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

D.

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

Question # 8

Why may cost benefit analysis (CBA) be applied when developing a Value Improving Proposal (VIP)?

A.

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

B.

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

C.

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

D.

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

Question # 9

Who should undertake the assessment of value priorities when creating a value profile?

A.

The project team

B.

Programme owners or Project Sponsors and End Users

C.

The MoV Study Team

D.

Functional experts

Question # 10

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

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?

Question # 11

Which is a key component of the Evaluate and Select process?

A.

Initial briefing meeting

B.

Team selection

C.

Resource analysis

D.

Idea selection

Question # 12

Which describes the range of return on investment that has been demonstrated by US Government departments as a result of the application of MoV approaches?

A.

Less than 10 to 1

B.

Less than 20 to 1

C.

Less than 30 to 1

D.

More than 30 to 1

Question # 13

Which is one of the three main areas where it is necessary to strike a balance to maximise value?

A.

Controlling costs in line with programme and project objectives

B.

Identifying benefits in line with programme and project objectives

C.

Meeting every stakeholder's initial expectations

D.

Redistributing resources across different value drivers

Question # 14

Which is a purpose of the Align with Organisational Objectives Principle?

A.

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

B.

To ensure that evolving requirements are considered throughout the project

C.

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

D.

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