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SAVE International Value Methodology Associate Sample Questions:

1. The Pareto Principle as applied in the Value Methodology means:

A) 20% of elements represent 80% of the cost
B) 80% of functions represent 20% of components
C) 20% of risks impact 80% of elements
D) 80% of the whole includes 20% of the resources

2. When transforming subject scope information, it is most important that the VM study team have a clear understanding of:

A) the Pareto chart, risk data, and quality expectations.
B) the subject's purpose and the objectives of the VM study.
C) the interests and influence of customers, users, and stakeholders.
D) value improvement ideas and performance attributes.

3. 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

4. Risks associated with a project, product, or process typically impact:

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

5. An effective Information Phase kickoff meeting:

A) Outlines goals for the study subject and VM study objectives.
B) Indicates the VM solutions desired by decision makers.
C) Discusses the challenges of the proposed VM study approach.
D) Describes how functions have normally been accomplished.

Solutions: