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Value Methodology Associate Question and Answers

Value Methodology Associate

Last Update Oct 2, 2025
Total Questions : 61

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Questions 1

The original VM Job Plan was based on a problem-solving approach. Which is the correct order of the four steps comprising this approach?

Options:

A.  

Hypothesis, Observation, Experimentation, Conclusion

B.  

Observation, Experimentation, Hypothesis, Conclusion

C.  

Hypothesis, Experimentation, Observation, Conclusion

D.  

Observation, Hypothesis, Experimentation, Conclusion

Discussion 0
Questions 2

An effective Information Phase kickoff meeting:

Options:

A.  

Discusses the challenges of the proposed VM study approach.

B.  

Outlines goals for the study subject and VM study objectives.

C.  

Indicates the VM solutions desired by decision makers.

D.  

Describes how functions have normally been accomplished.

Discussion 0
Questions 3

How many phases are in the VM Job Plan?

Options:

A.  

3

B.  

6

C.  

7

D.  

8

Discussion 0
Questions 4

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

Options:

A.  

Creativity Phase

B.  

Presentation Phase

C.  

Evaluation Phase

D.  

Function Analysis Phase

Discussion 0
Questions 5

Which of the three levels of filters used for evaluating ideas during the Evaluation Phase applies an evaluation matrix technique?

Options:

A.  

Fine

B.  

Reasonable

C.  

Medium

D.  

Coarse

Discussion 0
Questions 6

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

Options:

A.  

Interviews

B.  

Questionnaires

C.  

Surveys

D.  

Focus panels

Discussion 0
Questions 7

During the life cycle of a project or product, the greatest possibility to influence impacts and costs takes place during:

Options:

A.  

Operating

B.  

Planning

C.  

Organizing

D.  

Maintaining

Discussion 0
Questions 8

When transforming the VM study subject's cost information, the potential for achieving major savings is:

Options:

A.  

Greatest during the early phases of the project lifecycle

B.  

Increased when the VM proposals improve performance

C.  

Enhanced when outputs are included in calculations

D.  

Improved when costs are aligned with scope increases

Discussion 0
Questions 9

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

Options:

A.  

Schedule, cost, or performance

B.  

Cost, requirements, or results

C.  

Resources, regulations, or time

D.  

Time, function, or attributes

Discussion 0
Questions 10

Which phase enables the VM team to select viable ideas?

Options:

A.  

Function Analysis

B.  

Presentation

C.  

Evaluation

D.  

Development

Discussion 0
Questions 11

The Pareto Principle as applied in the Value Methodology means:

Options:

A.  

20% of risks impact 80% of elements

B.  

20% of elements represent 80% of the cost

C.  

80% of functions represent 20% of components

D.  

80% of the whole includes 20% of the resources

Discussion 0
Questions 12

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

Options:

A.  

Medium, Coarse, Fine

B.  

Coarse, Medium, Fine

C.  

Medium, Fine, Coarse

D.  

Coarse, Fine, Medium

Discussion 0
Questions 13

What is the term for the vertical demarcations on the left and right of a FAST diagram?

Options:

A.  

Subject Lines

B.  

Scope Lines

C.  

When Direction Lines

D.  

Function Logic Lines

Discussion 0
Questions 14

Which is the correct order of steps involved in risk management?

Options:

A.  

Risk Management Planning, Risk Analysis, Risk Identification, Risk Response Planning, Risk Monitoring and Control

B.  

Risk Identification, Risk Management Planning, Risk Analysis, Risk Response Planning, Risk Monitoring and Control

C.  

Risk Management Planning, Risk Identification, Risk Analysis, Risk Response Planning, Risk Monitoring and Control

D.  

Risk Management Planning, Risk Identification, Risk Response Planning, Risk Analysis, Risk Monitoring and Control

Discussion 0
Questions 15

Ground rules that support creative brainstorming include:

Options:

A.  

Encouraging openness to ideas, freewheeling, and recording good ideas.

B.  

Focusing on prioritized functions, deferring judgment, and improving ideas.

C.  

Focusing on quality ideas, discussing their merits, and maintaining momentum.

D.  

Requesting idea clarification, discussing cost impacts, and considering performance.

Discussion 0
Questions 16

All-the-time functions are:

Options:

A.  

Outside the study scope

B.  

A drain on resources

C.  

Continuous

D.  

Undesirable

Discussion 0
Questions 17

The Value Methodology is:

Options:

A.  

A suggestion program to improve value.

B.  

A cost reduction exercise to improve value.

C.  

A step-by-step design review to improve value.

D.  

An eight-phase process to improve value.

Discussion 0
Questions 18

Function E is the:

Options:

A.  

Secondary Function

B.  

Required Secondary Function

C.  

Basic Function

D.  

Higher Order Function

Discussion 0