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

Information which the decision-makers need in order to decide whether to implement the VIP in full, partially, or not at all
A detailed record of the existing situation that the VIP is intended to improve, including the functions carried out
Information which Senior Management needs in order to implement the VIP
A detailed implementation plan for each VIP

Answer(s): A

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

It compares the initial magnitude of cost of an MoV Study with the long term benefits it will deliver
All new policies, programmes and projects should be subject to comprehensive but proportionate assessment
It is used in conjunction with discounted cash flow to ensure that the lowest cost VIP is always selected
It assesses the benefits of implementing a proposal against the risk that the VIP may fail

Answer(s): B

Which statement regarding the steps in the Generic MoV Study Plan is true?

The final step should be to develop the Value Improving Proposals
The first step should be to define the MoV Study objectives
The Implementation Plan should be agreed before setting targets for benefits improvement
The Value Drivers should be prioritized before identifying the functions

Answer(s): B

Which is a main method of Function Analysis?

Answer(s): B

When should an organization consider it necessary to establish in-house MoV delivery capability?

When MoV is running only on a project-by-project basis
When the scale of MoV applications becomes large and frequent enough to justify an internal delivery capability
When a third party procurement is running successfully
When it can benefit from more effective use of internal resources by broadening their capabilities

Answer(s): B

Free MOVF Exam Braindumps Management of Value Foundation Questions 21–25 (page: 6)