Exin MOVF Management of Value Foundation EX0-006

Value index ✘ Cost/benefit analysis ✘ Cost/worth analysis ✘ Cost/function analysis ✔

It provides information to feed into the MoV Policy ✘ It is an idea-generation technique ✘ It is based on detailed analysis of selected ideas or options ✘ It is developed before an Option Evaluation Matrix ✔

When determining the value of a decommissioned asset ✘ During the transition of an asset into the operational environment ✘ When an asset is in the operational environment ✘ During the delivery stage of a project ✔

They provide a prescriptive framework for an organization to apply when using MoV ✘ NOT all Principles will apply to all projects ✘ An organization should use the Principles to develop their own policies and processes ✘ They are industry-specific ✔

On the far right of the diagram ✘ On the far left of the diagram ✘ At the bottom of the diagram ✘ Anywhere - there is no relationship between level of abstraction and location on the diagram ✔

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 ✔

IT projects ✘ Products and services with a high value score ✘ Policy-making ✘ Lobbying for support ✔

The embedding of MoV is required throughout the investment decision. ✘ When the scale of MoV applications become large and frequent. ✘ When organizations anticipate that their MoV needs will be minimal. ✘ When people engaged on other work wish to add MoV to their set of skills. ✔

To analyze what things do ✘ To analyze what things are ✘ To define how to produce things ✘ To define how much things cost to produce ✔

Providing guidance on how MoV will be used on projects ✘ Setting up a strategy for implementing MoV Policy ✘ Establishing an internal resource skilled in the application of MoV ✘ Developing procedures for data capture and feedback ✔