Exin MOVF Management of Value Foundation EX0-006 Set 2

A separate level of management which is set up to focus on MoV activities ✘ Support from senior managers ✘ A Senior MoV Practitioner who is part of the MoV Board ✘ An MoV Study Leader who is appointed as part of each project team ✔

Gather and analyze information ✘ Prioritize Value Drivers and develop Value Profile ✘ Identify the processes to be used ✘ Define the study objectives ✔

A project can be successful even if it delivers only the Value Drivers classed as critical ✘ Prioritizing value should be based only on financial Value Drivers ✘ Value Drivers will normally be allocated different levels of importance ✘ Prioritizing value should be carried out with members of the project team rather than the project's end users ✔

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) ✔

To provide a means of prioritizing stakeholders ✘ To provide information to aid decision-makers when deciding whether to authorize a project ✘ To describe the purpose of a series of MoV Studies throughout a project ✘ To test early models or prototypes before a design is fixed ✔

MoV Project Plan ✘ Value Improving Proposal ✘ MoV Study Handbook ✘ MoV Progress Report ✔

Apply Brainstorming through freewheeling discussion to trigger ideas in people's minds and then record the best ideas ✘ Apply Brainstorming using the Function Analysis model as a guide to focus creative thinking ✘ Use creative thinking to evaluate each idea as it is identified, reject the unsuitable ideas and maximize the innovative ones ✘ Maintain live and visible records which assess the financial impact of each idea identified to maintain focus on innovative ideas ✔

Its relative importance ✘ The current cost of performing it ✘ The lowest cost at which it could be performed ✘ Its objective ✔

Root Cause Analysis ✘ Soft Systems Methodology ✘ Value Profiling ✘ Cost Function Analysis ✔

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 ✔