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MOVF Questions and Answers

Question # 1

What are potential options usually evaluated against?

A.

Value Drivers

B.

Value Improving Proposals

C.

MoV Study Handbook

D.

MoV Project Plan

Question # 2

How many phases does the MoV Value Engineering Job Plan contain?

A.

Six

B.

Ten

C.

Twelve

D.

Eight

Question # 3

Which statement regarding a Value Improving Proposal is true?

A.

It provides information to feed into the MoV Policy

B.

It is an idea-generation technique

C.

It is based on detailed analysis of selected ideas or options

D.

It is developed before an Option Evaluation Matrix

Question # 4

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 # 5

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)

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