EX0-006 Online Practice Questions and Answers

What is the purpose of Function Analysis?

A. To analyze what things do

B. To analyze what things are

C. To define how to produce things

D. To define how much things cost to produce

Which statement about MoV is true?

A. It supports decision-making based on minimizing value for money

B. It encourages innovation outside of an organization's goals

C. It facilitates optimal balance between investment and long-term operating expenditure

D. It removes resources from consideration when reviewing organizational needs

What is used to assess whether a particular Value Driver represents good value for money?

A. Value index

B. Cost/benefit analysis

C. Cost/worth analysis

D. Cost/function analysis

Which technique is MOST EFFECTIVE in stimulating innovation?

A. Apply Brainstorming through freewheeling discussion to trigger ideas in people's minds and then record the best ideas

B. Apply Brainstorming using the Function Analysis model as a guide to focus creative thinking

C. Use creative thinking to evaluate each idea as it is identified, reject the unsuitable ideas and maximize the innovative ones

D. Maintain live and visible records which assess the financial impact of each idea identified to maintain focus on innovative ideas

When should MoV be embedded into an organization using a formal/top-down approach?

A. The embedding of MoV is required throughout the investment decision.

B. When the scale of MoV applications become large and frequent.

C. When organizations anticipate that their MoV needs will be minimal.

D. When people engaged on other work wish to add MoV to their set of skills.

Which is a requirement for embedding MoV in an organization?

A. A separate level of management which is set up to focus on MoV activities

B. Support from senior managers

C. A Senior MoV Practitioner who is part of the MoV Board

D. An MoV Study Leader who is appointed as part of each project team

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)

Which statement about implementing a Value Improving Proposal is FALSE?

A. The Proposal Implementation Plan provides the project managers with details of the expected value improvements (or benefits)

B. Communication flowing from collaborative feedback enhances the effectiveness of MoV and helps build an appropriate culture

C. The Proposal Implementation Plan enables project managers to monitor and manage the implementation process

D. The Proposal Owners are NOT responsible for ensuring that their proposals are implemented

During which MoV process would Stakeholder Analysis first be undertaken?

A. Analyze Information

B. Develop Value Improving Proposals

C. Evaluate and Select

D. Frame the Programme or Project

Which is a true statement describing the brainstorming technique?

A. Generates a large volume of ideas in a short timeframe

B. Focuses on eliminating ideas which may be unsuitable

C. Analyses in detail a small number of options

D. Enables team members to raise ideas anonymously