PeopleCert MOVF Exam Practice Test Instant Access

Question 1

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

AControlling costs in line with programme and project objectives

BIdentifying benefits in line with programme and project objectives

CMeeting every stakeholder's initial expectations

DRedistributing resources across different value drivers

Answer : D

Question 2

Which technique focuses on underlying issues, rather than solving specific problems?

ARoot Cause Analysis

BSoft Systems Methodology

CValue Profiling

DCost Function Analysis

Answer : A

Question 3

What is the purpose of Function Analysis?

ATo analyze what things do

BTo analyze what things are

CTo define how to produce things

DTo define how much things cost to produce

Answer : A

Question 4

What is provided by a Value Improving Proposal (VIP)?

AInformation which the decision-makers need in order to decide whether to implement the VIP in full, partially, or not at all

BA detailed record of the existing situation that the VIP is intended to improve, including the functions carried out

CInformation which Senior Management needs in order to implement the VIP

DA detailed implementation plan for each VIP

Answer : A

Question 5

How is cost benefit analysis applied during an MoV Study?

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

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

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

DIt is used to assess the Value Index

Answer : A

Question 6

Why is it essential to manage value deliberately?

AValue is subjective and without a deliberate approach will NOT be fully realised

BValue can only be realized when focusing on minimizing cost

CValue can only be realized if there is a focus on needs rather than desires

DA consistent process, rigidly applied is essential to realize value

Answer : A

Question 7

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

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

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

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

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

Answer : B

PeopleCert MOVF MoV Foundation - Management of Value Exam Practice Test