Which is a correct distinction between Value Engineering and Value Analysis?

A. Value Engineering is applied to improve evolving designs and Value Analysis is applied to improve existing products

B. Value Engineering is applied to manufactured and constructed products and Value Analysis is applied to services and business processes

C. Value Analysis is applied to determine required cost and performance targets and Value Engineering is applied to realize those targets

D. Value Analysis and Value Engineering, while similar, differ in that they employ different process steps

Which statement regarding a Value Improving Proposal is true?

A. It provides information to feed into the MoV Policy

B. It is an idea-generation technique

C. It is based on detailed analysis of selected ideas or options

D. It is developed before an Option Evaluation Matrix

Which will be included in the MoV Project Plan?

A. Identification of suitable candidates to lead and participate in the Studies

B. Key attributes of a proposed Study

C. Constraints applicable to a proposed Study

D. A draft function diagram

Which is one of the three main areas where it is necessary to strike a balance to maximise value?

A. Controlling costs in line with programme and project objectives

B. Identifying benefits in line with programme and project objectives

C. Meeting every stakeholder's initial expectations

D. Redistributing resources across different value drivers

Which statement about a decision building meeting is true?

A. It should be chaired by the senior responsible owner.

B. The owner, responsible for implementation, has already been determined by the MoV team before the meeting.

C. Decisions from the meeting should form the basis of the proposal implementation plan

D. Attendees should be limited to the senior responsible person, project manager and project sponsor