HIGH QUALITY AND HIGH EFFICIENCY VMA STUDY BRAINDUMPS - TESTINSIDES

High Quality and High Efficiency VMA Study Braindumps - TestInsides

High Quality and High Efficiency VMA Study Braindumps - TestInsides

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SAVE International Value Methodology Associate Sample Questions (Q47-Q52):

NEW QUESTION # 47
Which of the following techniques involves capturing input from multiple customers and stakeholders at the same time?

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

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 # 48
What is the correct order for the three levels of filters used for evaluating ideas during the Evaluation Phase?

  • A. Coarse, Fine, Medium
  • B. Coarse, Medium, Fine
  • C. Medium, Coarse, Fine
  • D. Medium, Fine, Coarse

Answer: B

Explanation:
The Evaluation Phase of the Value Methodology (VM) Job Plan involves assessing ideas generated during the Creative Phase to select the most viable ones for further development, as taught in the VMF 1 course (Core Competency #7: Evaluation and Selection of Alternatives). According to SAVE International's Value Methodology Standard, the Evaluation Phase uses a three-level filtering process to systematically narrow down ideas: "Ideas are evaluated using a coarse, medium, and fine filter approach to progressively refine the list of alternatives."
* Coarse Filter: Initial screening to eliminate clearly unfeasible ideas (e.g., those that violate constraints or are impractical).
* Medium Filter: More detailed evaluation using criteria like cost, performance, and risk to shortlist ideas with potential.
* Fine Filter: In-depth analysis, often using tools like weighted evaluation matrices (as noted in Question
11), to select the best ideas for development.
This order-Coarse, Medium, Fine-ensures a logical progression from broad elimination to detailed selection, aligning with the VMF 1 curriculum's focus on systematic evaluation.
* Option A (Medium, Coarse, Fine) is incorrect because starting with a medium filter skips the initial broad screening.
* Option B (Coarse, Medium, Fine) is correct, as it matches the standard three-level filtering process in VM.
* Option C (Medium, Fine, Coarse) is incorrect because it reverses the logical progression of filtering.
* Option D (Coarse, Fine, Medium) is incorrect because the fine filter should be the last step, not followed by a medium filter.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, detailing the coarse-medium-fine filtering process in the Evaluation Phase.
SAVE International, VMF 1 Core Competency #7 (Evaluation and Selection of Alternatives), emphasizing the three-level filtering approach for idea evaluation.


NEW QUESTION # 49
In which phase is a large quantity of ideas or alternatives generated to accomplish the functions?

  • A. Presentation Phase
  • B. Function Analysis Phase
  • C. Creativity Phase
  • D. Evaluation Phase

Answer: C

Explanation:
The Value Methodology (VM) Job Plan consists of six phases, as outlined in the VMF 1 course (Core Competency #3: Value Methodology Job Plan). The phase dedicated to generating a large quantity of ideas or alternatives is the Creativity Phase (also known as the Creative Phase). According to SAVE International's Value Methodology Standard, "the Creativity Phase is where a large quantity of ideas or alternatives is generated to accomplish the functions identified in the Function Analysis Phase, using techniques like brainstorming to encourage divergent thinking." This phase focuses on producing as many ideas as possible without judgment, as established in Question 40, where the objective of the Creativity Phase was confirmed as generating improvement ideas.
* Option A (Creativity Phase) is correct, as it is the phase dedicated to generating a large quantity of ideas to accomplish functions.
* Option B (Presentation Phase) is incorrect because this phase involves presenting recommendations to stakeholders, not generating ideas.
* Option C (Evaluation Phase) is incorrect because this phase involves assessing and selecting ideas, not generating them (as noted in Question 33).
* Option D (Function Analysis Phase) is incorrect because this phase focuses on identifying and analyzing functions, not generating ideas (as noted in Question 37).
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, detailing the Creativity Phase's role in idea generation.
SAVE International, VMF 1 Core Competency #6 (Creative Thinking and Idea Generation), emphasizing the generation of a large quantity of ideas (consistent with Question 40).


NEW QUESTION # 50
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. Return on Investment (ROI)
  • B. Present Worth (or Net Present Value)
  • C. Simple Payback (or Breakeven Point)
  • D. Discount Rate

Answer: B

Explanation:
In Value Methodology, cost analysis often involves evaluating the economic impact of alternatives over time, which requires understanding the time value of money. The VMF 1 course, under Core Competency #4 (Cost Analysis), includes financial concepts like discounting cash flows to assess long-term value. The concept of converting all costs to a common reference point in today's dollars refers toPresent Worth (or Net Present Value, NPV). According to SAVE International's Value Methodology Standard, Present Worth (or NPV) is used to "evaluate the economic feasibility of alternatives by discounting future cash flows to their present value, accounting for the time value of money." This process converts all costs and benefits (adjusted for time, value, and money) to a single value in today's dollars using a discount rate, allowing for a fair comparison of alternatives.
* Option A (Return on Investment or ROI) is incorrect because ROI measures profitability as a percentage and does not convert costs to a present value.
* Option B (Present Worth or Net Present Value) is correct because NPV accounts for the effects of time, value, and money by discounting future cash flows to today's dollars.
* Option C (Discount Rate) is incorrect because the discount rate is the rate used in NPV calculations, not the method of converting costs itself.
* Option D (Simple Payback or Breakeven Point) is incorrect because payback measures the time to recover an investment and does not account for the time value of money or convert costs to present value.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, section on cost analysis, referencing Present Worth (NPV) for economic evaluation.
SAVE International, VMF 1 Core Competency #4 (Cost Analysis), which includes discounting techniques for comparing alternatives.


NEW QUESTION # 51
What is the correct sequence of the last four phases of the Value Methodology Job Plan?

  • A. Development, Presentation, Evaluation, and Implementation
  • B. Development, Evaluation, Presentation, and Implementation
  • C. Evaluation, Development, Implementation, and Presentation
  • D. Evaluation, Development, Presentation, and Implementation

Answer: D

Explanation:
The Value Methodology (VM) Job Plan, as outlined in the VMF 1 course and SAVE International's Value Methodology Standard, consists of six phases: Information, Function Analysis, Creative, Evaluation, Development, and Presentation. This was established in Question 1, where the VM Job Plan was confirmed to have six phases. The last four phases, therefore, are: Creative, Evaluation, Development, and Presentation.
However, the options include "Implementation," which is not a formal phase in the standard VM Job Plan but is often considered a post-study activity (e.g., in the post-study phase, where recommendations are implemented). For the purposes of the VMA exam, which focuses on the VMF 1 curriculum, Implementation is sometimes treated as an extension of the Presentation Phase, where the team ensures stakeholder buy-in and facilitates the transition to implementation.
Thus, the correct sequence of the last four phases, interpreting Implementation as the post-Presentation activity, is:
* Creative(third phase, but the first of the last four).
* Evaluation(fourth phase): Assess ideas for feasibility and value improvement.
* Development(fifth phase): Refine selected ideas into actionable proposals.
* Presentation(sixth phase): Present recommendations to stakeholders for approval and implementation.
* Implementation: Follows Presentation as a post-study activity to execute the recommendations.
* Option A (Development, Presentation, Evaluation, and Implementation) is incorrect because Evaluation must precede Development-ideas are evaluated before being developed into proposals.
* Option B (Evaluation, Development, Presentation, and Implementation) is correct, as it follows the VM Job Plan's sequence and includes Implementation as the post-study step.
* Option C (Evaluation, Development, Implementation, and Presentation) is incorrect because Presentation (delivering recommendations) must occur before Implementation.
* Option D (Development, Evaluation, Presentation, and Implementation) is incorrect because Development cannot precede Evaluation in the VM Job Plan.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, detailing the six phases of the VM Job Plan.
SAVE International, VMF 1 Core Competency #3 (Value Methodology Job Plan), outlining the sequence of phases, with Implementation as a post-study activity.


NEW QUESTION # 52
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