MOVF Management of Value Foundation Questions and Answers

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It is a measure of how well the project, in its current state of development, satisfies the project objectives

It measures value for money

It is based on non-financial criteria

It should only be changed if business needs change

Focusing on anomalies, rather than problems in common, identified by benchmarking

Benchmarking exclusively with same type organisation

Benchmarking against a wide pool of organisations whose only feature in common lies in the type of process used

Making any external comparison

It is better suited to the private rather than the public sector

It is an informal approach to maximizing value

Compliance with MoV processes is a good measure of added value

Value Improving Proposal

Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

Value Analysis and Value Engineering, while similar, differ in that they employ different process steps

The operating costs of a similar IT implementation

The current daily rate of specialist skills required to operate the system

An estimate of how many staff would be required to run the new system

The total expenditure on MoV Studies

To minimize the number of points where decisions need to be made

To ensure that information used to make a decision is used only in that decision

To maximize value in the face of evolving requirements

To ensure that reviews such as those conducted under the Gateway Review Process will be positive

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)

All processes will be used at all stages in a project lifecycle

MoV activities change as a project evolves from inception to use

They are only applicable to project environments

They are most applicable at the inception stage of a project

Functions should describe the features of a product rather than what it does

A Primary Basic Function consists of one or more Higher Order Functions

A Primary Basic Function consists of one or more Primary Supporting Functions

Moving from the Higher Order Function to the Primary Basic Function answers the question "How do we do this?"

Evaluation

Information

Creative

Development