Exin MOVF Management of Value Foundation Exam Practice Test

Select criteria

Define scale of improvement required and sensitivity ranges

Set targets

Establish weights for relative importance

Initial briefing meeting

Team selection

Resource analysis

Idea selection

Completed on time

Delivers a reduction on cost

MoV processes being followed

Completed within budget

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

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

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

It is used to assess the Value Index

Six

Ten

Twelve

Eight

Its relative importance

The current cost of performing it

The lowest cost at which it could be performed

Its objective

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 risk that maximizing value within one project could diminish value across the wider programme

To ensure that evolving requirements are considered throughout the project

To take up lessons learned from previous experience in order to avoid repetition of past mistakes

To ensure that there is adequate governance in place to support and deliver MoV

Learn from experience and improve

Tailor MoV activity to suit the subject

Frame the programme or project

Focus on functions and required outcomes

Understand and articulate value

Tailor MoV activity to suit the subject

Frame the programme or project

Apply MoV throughout the investment decision

Are we maximizing our investments at an affordable cost by removing risk?

Are we maximizing our investments by focussing on minimizing costs?

Are we maximizing our investments at an affordable cost with a known and acceptable level of risk?

Are we maximizing our investments based on all stakeholder requirements?

Initial briefing meeting

Team selection

Resource analysis

Idea selection

A Study can combine multiple Value Improving Proposals to form different scenarios

A Study may generate multiple Value Improving Proposals with conflicting recommendations

Only one Value Improving Proposal should be implemented per Study

A Value Improving Proposal should be tested for sensitivity of estimated costs and benefits

It allows Senior Managers to objectively review proposals to determine which should be

implemented

It ensures that the Study Team are all working from the same level of information

It assigns Proposal Owners to all development proposals

It helps to ensure that the requirements of the Project Sponsors and end users are aligned