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SAVE International Value Methodology Associate Sample Questions (Q13-Q18):

NEW QUESTION # 13
Risks associated with a project, product, or process typically impact:

A. Time, function, or attributes
B. Cost, requirements, or results
C. Schedule, cost, or performance
D. Resources, regulations, or time

Answer: C

Explanation:
Risk management is a critical aspect of Implementation Planning in Value Methodology (VM), as it ensures that VM proposals can be successfully executed, as taught in the VMF 1 course (Core Competency #8:
Implementation Planning). According to SAVE International's Value Methodology Standard, "risks associated with a project, product, or process typically impact schedule, cost, or performance." This is often referred to as the "project management triangle" or "triple constraint," a fundamental concept in project management that VM adopts when assessing risks during the Development and Presentation Phases.
* Schedule: Risks that cause delays (e.g., late delivery of materials).
* Cost: Risks that increase expenses (e.g., unexpected cost overruns).
* Performance: Risks that affect quality or functionality (e.g., a proposed solution failing to meet requirements).
The VMF 1 curriculum emphasizes that VM teams must identify and mitigate risks in these three areas to ensure the feasibility of their recommendations, making this the most relevant framework for understanding risk impacts in a VM context.
* Option A (Schedule, cost, or performance) is correct, as it directly aligns with the standard risk impact areas in VM and project management.
* Option B (Cost, requirements, or results) is incorrect because, while cost is relevant, "requirements" and "results" are less specific than "schedule" and "performance" in the context of VM risk management.
* Option C (Resources, regulations, or time) is incorrect because, while time (schedule) is relevant, resources and regulations are more specific factors that contribute to broader impacts on schedule, cost, or performance.
* Option D (Time, function, or attributes) is incorrect because, while time (schedule) is relevant,
"function" and "attributes" are not standard risk impact categories in VM; performance is the broader term used.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, section on risk management, referencing the impact of risks on schedule, cost, and performance.
SAVE International, VMF 1 Core Competency #8 (Implementation Planning), emphasizing the project management triangle (schedule, cost, performance) in risk assessment.

NEW QUESTION # 14
Which of the following techniques involves capturing input from multiple customers and stakeholders at the same time?

A. Interviews
B. Focus panels
C. Surveys
D. Questionnaires

Answer: B

Explanation:
In Value Methodology (VM), gathering input from customers and stakeholders is a key activity, particularly during the Information Phase of the VM Job Plan, as taught in the VMF 1 course (Core Competency #3:
Value Methodology Job Plan). According to SAVE International's Value Methodology Standard, various techniques are used to collect stakeholder input, including interviews, questionnaires, surveys, and focus panels. The standard defines these as follows:
* Interviews: One-on-one discussions with individual stakeholders to gather detailed insights.
* Questionnaires: Written sets of questions distributed to stakeholders, typically completed individually.
* Surveys: Similar to questionnaires, often distributed to a larger group, with responses collected individually.
* Focus panels: Group discussions involving multiple customers and stakeholders simultaneously, designed to capture collective input and foster dialogue.
The question specifies a technique that involves capturing input "at the same time" from multiple customers and stakeholders, which aligns with the definition offocus panels. Focus panels (or focus groups) bring together diverse stakeholders in a single session to discuss needs, preferences, and concerns, allowing for real- time interaction and consensus-building, which is particularly useful in VM studies to understand project objectives and constraints.
* Option A (Interviews) is incorrect because interviews are typically conducted one-on-one, not with multiple stakeholders simultaneously.
* Option B (Questionnaires) is incorrect because questionnaires are completed individually, not in a group setting at the same time.
* Option C (Surveys) is incorrect because surveys are also completed individually, often asynchronously, not at the same time.
* Option D (Focus panels) is correct, as it involves capturing input from multiple stakeholders simultaneously in a group setting.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, detailing stakeholder engagement techniques in the Information Phase.
SAVE International, VMF 1 Core Competency #3 (Value Methodology Job Plan), emphasizing methods like focus panels for gathering collective stakeholder input.

NEW QUESTION # 15
Which is the correct order of steps involved in risk management?

A. Risk Identification, Risk Management Planning, Risk Analysis, Risk Response Planning, Risk Monitoring and Control
B. Risk Management Planning, Risk Identification, Risk Response Planning, Risk Analysis, Risk Monitoring and Control
C. Risk Management Planning, Risk Analysis, Risk Identification, Risk Response Planning, Risk Monitoring and Control
D. Risk Management Planning, Risk Identification, Risk Analysis, Risk Response Planning, Risk Monitoring and Control

Answer: D

Explanation:
Risk management is a critical aspect of Implementation Planning in Value Methodology (VM), ensuring that VM proposals are feasible and sustainable, as taught in the VMF 1 course (Core Competency #8:
Implementation Planning). According to SAVE International's Value Methodology Standard, risk management in the context of VM follows a standard process aligned with project management best practices, such as those in the Project Management Institute (PMI) framework, which VM adopts for implementation.
The correct order of steps in risk management is:
* Risk Management Planning: Define how risks will be managed, including methodologies, roles, and tools.
* Risk Identification: Identify potential risks that could impact the VM study or its implementation (e.g., cost overruns, delays).
* Risk Analysis: Analyze the likelihood and impact of identified risks (qualitative and quantitative analysis).
* Risk Response Planning: Develop strategies to mitigate, avoid, transfer, or accept risks.
* Risk Monitoring and Control: Monitor risks throughout implementation and control them as needed.
The VMF 1 course emphasizes this sequence in the Development and Presentation Phases, where risks associated with VM proposals are assessed and mitigated to ensure successful implementation. This order ensures a systematic approach, starting with planning, followed by identification and analysis, then response planning, and finally monitoring.
* Option A (Risk Management Planning, Risk Analysis, Risk Identification, Risk Response Planning, Risk Monitoring and Control) is incorrect because Risk Identification must precede Risk Analysis- you cannot analyze risks before identifying them.
* Option B (Risk Identification, Risk Management Planning, Risk Analysis, Risk Response Planning, Risk Monitoring and Control) is incorrect because Risk Management Planning must come first to establish the framework for the process.
* Option C (Risk Management Planning, Risk Identification, Risk Analysis, Risk Response Planning, Risk Monitoring and Control) is correct, as it follows the standard risk management process.
* Option D (Risk Management Planning, Risk Identification, Risk Response Planning, Risk Analysis, Risk Monitoring and Control) is incorrect because Risk Analysis must precede Risk Response Planning to inform the response strategies.
:
SAVE International, VMF 1 Core Competency #8 (Implementation Planning), which includes risk management as part of developing and implementing VM proposals.
SAVE International, "Value Methodology Standard," section on implementation, referencing risk management steps aligned with project management standards (e.g., PMI's PMBOK).

NEW QUESTION # 16
Which of the following defines the nominal rate of increase in the value of money over time, after subtracting for inflation?

A. Present Worth (or Net Present Value)
B. Simple Payback (or Breakeven Point)
C. Discount Rate
D. Return on Investment (ROI)

Answer: C

Explanation:
In the context of Value Methodology, cost analysis often involves financial concepts to evaluate the economic impact of alternatives, including understanding the time value of money. The VMF 1 course, under Core Competency #4 (Cost Analysis), includes basic financial metrics relevant to value studies, such as discounting cash flows to assess long-term value. The nominal rate of increase in the value of money over time, after subtracting for inflation, refers to thereal discount rate. In financial terms, as per standard economic principles taught in VMF 1, the discount rate is the rate used to discount future cash flows to their present value, and thereal discount rateis the nominal discount rate adjusted for inflation (i.e., real discount rate = nominal discount rate # inflation rate). This measures the true increase in the value of money over time, excluding inflationary effects.
* Option A (Simple Payback or Breakeven Point) is incorrect because payback measures the time required to recover an investment, not the rate of increase in money's value.
* Option B (Return on Investment or ROI) is incorrect because ROI measures the profitability of an investment as a percentage, not the rate of increase in money's value over time.
* Option C (Discount Rate) is correct because the real discount rate, after subtracting inflation, defines the nominal rate of increase in the value of money over time, as used in financial analyses within VM studies.
* Option D (Present Worth or Net Present Value) is incorrect because NPV is the result of discounting future cash flows to their present value using a discount rate, not the rate itself.
:
SAVE International, VMF 1 Core Competency #4 (Cost Analysis), which includes financial concepts like discounting and the time value of money in value studies.
SAVE International, "Value Methodology Standard," section on cost analysis, referencing economic evaluation techniques such as discounting for long-term cost analysis.

NEW QUESTION # 17
What is the objective of the Creativity Phase?

A. Select improvement ideas
B. Generate improvement ideas
C. Prioritize improvement ideas
D. Develop improvement ideas

Answer: B

Explanation:
The Creativity Phase (also known as the Creative Phase) is the third phase of the Value Methodology (VM) Job Plan, as taught in the VMF 1 course (Core Competency #6: Creative Thinking and Idea Generation).
According to SAVE International's Value Methodology Standard, "the objective of the Creativity Phase is to generate a large quantity of improvement ideas through brainstorming and other creative techniques, focusing on alternative ways to perform the functions identified in the Function Analysis Phase." This phase emphasizes divergent thinking to produce as many ideas as possible without judgment, as supported by the ground rules discussed in Question 10 (e.g., encouraging openness, freewheeling, and recording ideas). The generated ideas are then evaluated in the next phase (Evaluation Phase).
* Option A (Develop improvement ideas) is incorrect because development occurs in the Development Phase, where selected ideas are refined into actionable proposals, not in the Creativity Phase.
* Option B (Select improvement ideas) is incorrect because selection occurs in the Evaluation Phase, not Creativity.
* Option C (Prioritize improvement ideas) is incorrect because prioritization also occurs in the Evaluation Phase (as noted in Question 33 with the coarse-medium-fine filters).
* Option D (Generate improvement ideas) is correct, as it matches the primary objective of the Creativity Phase in the VM Job Plan.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, detailing the Creativity Phase's objective to generate ideas.
SAVE International, VMF 1 Core Competency #6 (Creative Thinking and Idea Generation), emphasizing idea generation as the goal of the Creativity Phase.

NEW QUESTION # 18
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