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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Value Methodology Fundamentals | 20% | - Historical background and standards - Core principles and terminology - Definition, purpose and benefits of Value Methodology |
| Topic 2: Tools and Techniques | 25% | - Team dynamics and facilitation - Decision-making and prioritization - Cost analysis and worth assessment |
| Topic 3: Application and Ethics | 15% | - Professional ethics and standards of practice - Application in projects, products and processes |
| Topic 4: VM Job Plan | 40% | - Creative Phase - Information Phase - Development Phase - Presentation Phase - Function Analysis Phase
|
Question 1
Which of the following letters represents the scope lines?
A. D
B. A
C. B
D. C
Question 2
Which of the following best describes a VM study?
A. Is considered a business improvement best practice
B. Is undertaken after the design is completed
C. It is a structured effort using the VM process to improve value
D. Must be led by a Certified Value Specialist
Question 3
Which of the following is most relevant to the Evaluation Phase?
A. Weighting
B. Cost Model
C. Constraints
D. Return on Investment
Question 4
Which of the following techniques involves capturing input from multiple customers and stakeholders at the same time?
A. Focus panels
B. Interviews
C. Questionnaires
D. Surveys
Question 5
Which of the following defines the effects of time, value, and money, converting all costs to a common reference point in today's dollars?
A. Discount Rate
B. Simple Payback (or Breakeven Point)
C. Return on Investment (ROI)
D. Present Worth (or Net Present Value)
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: A | Question 4 Answer: A | Question 5 Answer: D |
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