VMA DUMPS COLLECTION | LATEST VMA BRAINDUMPS SHEET

VMA Dumps Collection | Latest VMA Braindumps Sheet

VMA Dumps Collection | Latest VMA Braindumps Sheet

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SAVE International Value Methodology Associate Sample Questions (Q38-Q43):

NEW QUESTION # 38
When transforming the VM study subject's cost information, the potential for achieving major savings is:

  • A. Greatest during the early phases of the project lifecycle
  • B. Improved when costs are aligned with scope increases
  • C. Enhanced when outputs are included in calculations
  • D. Increased when the VM proposals improve performance

Answer: A

Explanation:
Transforming cost information in a Value Methodology (VM) study involves analyzing and optimizing costs to improve value, often through cost models or financial analysis, as taught in the VMF 1 course (Core Competency #1: Value Methodology Overview). According to SAVE International's Value Methodology Standard, "the potential for achieving major savings is greatest during the early phases of the project lifecycle, such as planning or conceptual design, when decisions about scope, design, and requirements are made." This principle is based on the "cost influence curve," which shows that the ability to influence costs is highest early in the project, before costs are locked in by detailed design or implementation. Applying VM early allows the team to make fundamental changes (e.g., rethinking functions or materials) that yield significant savings, whereas later phases (e.g., construction or operation) offer less flexibility and higher change costs.
* Option A (Greatest during the early phases of the project lifecycle) is correct, as it aligns with VM's emphasis on early intervention for maximum cost savings, as seen in Question 21.
* Option B (Increased when the VM proposals improve performance) is incorrect because, while performance improvements can enhance value, the greatest potential for savings is tied to timing, not performance.
* Option C (Enhanced when outputs are included in calculations) is incorrect because including outputs may improve analysis accuracy, but it does not directly address the timing of savings potential.
* Option D (Improved when costs are aligned with scope increases) is incorrect because scope increases often raise costs, whereas VM aims to reduce costs while maintaining or improving function.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, emphasizing early application of VM for major savings.
SAVE International, VMF 1 Core Competency #1 (Value Methodology Overview), highlighting the cost influence curve and early intervention benefits.


NEW QUESTION # 39
What is the correct sequence of the last four phases of the Value Methodology Job Plan?

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

Answer: B

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 # 40
Which of the following best describes a VM study?

  • A. A structured effort by a multidisciplinary team using the VM
  • B. An improvement process similar to Lean Six Sigma
  • C. A workshop that applies the VM facilitated by a CVS
  • D. An analysis of a completed project design by a VM team

Answer: A

Explanation:
A Value Methodology (VM) study is a core concept in the VMF 1 course (Core Competency #1: Value Methodology Overview). According to SAVE International's Value Methodology Standard, a VM study is defined as "a structured effort by a multidisciplinary team using the Value Methodology to identify the functions of a project or process, establish a worth for each function, and develop alternatives to achieve those functions at the lowest overall cost while maintaining performance." This definition emphasizes the structured nature of the VM Job Plan, the use of a multidisciplinary team (as noted in Question 24), and the focus on improving value through systematic analysis. This aligns with the description in Question 4, where a VM study was described as a structured effort using the VM process, but here the emphasis on a multidisciplinary team is key.
* Option A (An analysis of a completed project design by a VM team) is incorrect because VM studies are not limited to completed designs; they can be applied at any stage of the project lifecycle, with the greatest impact early on (as noted in Questions 21 and 25).
* Option B (An improvement process similar to Lean Six Sigma) is incorrect because, while VM shares goals with Lean Six Sigma (e.g., improving efficiency), it is a distinct methodology focused on function analysis and value optimization, not process variation reduction.
* Option C (A workshop that applies the VM facilitated by a CVS) is incorrect because, while VM studies are often conducted as workshops and may be facilitated by a Certified Value Specialist (CVS), a CVS is not required (as clarified in Question 4), and "workshop" is too narrow a description for a VM study.
* Option D (A structured effort by a multidisciplinary team using the VM) is correct, as it best captures the essence of a VM study per SAVE International's definition, emphasizing the structured process and multidisciplinary team.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, defining a VM study as a structured effort by a multidisciplinary team.
SAVE International, VMF 1 Core Competency #1 (Value Methodology Overview), emphasizing the structured, team-based nature of VM studies (consistent with Question 4).


NEW QUESTION # 41
When transforming subject scope information, it is most important that the VM study team have a clear understanding of:

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

Answer: D

Explanation:
Transforming subject scope information occurs during the Information Phase of the Value Methodology (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, "when transforming subject scope information, the VM study team must have a clear understanding of the subject's purpose (what it does and why it exists) and the objectives of the VM study (e.g., reduce costs by 15%, improve performance)." This understanding ensures that the team aligns the study with the project's goals and the VM process's aims, setting the foundation for effective function analysis and value improvement. This aligns with the primary objective of the Information Phase-to understand the subject-and the focus of the kickoff meeting on outlining goals and objectives. While stakeholder interests and other data are important, the most critical understanding is of the subject's purpose and study objectives.
* Option A (value improvement ideas and performance attributes) is incorrect because value improvement ideas are developed later (Creativity Phase, Question 49), and performance attributes are a subset of the broader purpose.
* Option B (the subject's purpose and the objectives of the VM study) is correct, as it captures the most important understanding needed during the Information Phase.
* Option C (the Pareto chart, risk data, and quality expectations) is incorrect because these are specific tools or data points, not the most critical understanding; Pareto charts apply later.
* Option D (the interests and influence of customers, users, and stakeholders) is incorrect because, while important, this is a subset of understanding the subject's purpose and study objectives, which are more fundamental.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, emphasizing the need to understand the subject's purpose and study objectives in the Information Phase.
SAVE International, VMF 1 Core Competency #3 (Value Methodology Job Plan), highlighting the focus on purpose and objectives (consistent with Questions 39 and 50).


NEW QUESTION # 42
In which costing technique is the time value of money essential?

  • A. Simple Payback
  • B. Return on Investment
  • C. Break-even point
  • D. Life Cycle Cost

Answer: D

Explanation:
Cost analysis in Value Methodology often involves financial techniques to evaluate the economic feasibility of alternatives, as taught in the VMF 1 course (Core Competency #4: Cost Analysis). According to SAVE International's Value Methodology Standard, "the time value of money is essential in costing techniques that account for costs and benefits over time, such as Life Cycle Cost (LCC)."Life Cycle Costis defined as "the total cost of a system or product over its entire life, including acquisition, operation, maintenance, and disposal, discounted to present value using the time value of money." The time value of money ensures that future costs and benefits are adjusted to their present value using a discount rate (as noted in Questions 6 and
7), making LCC a comprehensive method for comparing alternatives in VM studies.
* Option A (Return on Investment) is incorrect because, while ROI can consider the time value of money in some calculations, it is not essential; ROI is often calculated as a simple percentage (Profit ÷ Investment).
* Option B (Life Cycle Cost) is correct, as LCC inherently requires the time value of money to discount future costs to present value, ensuring a fair comparison over the project's life.
* Option C (Simple Payback) is incorrect because simple payback (as calculated in Question 26) does not account for the time value of money; it simply divides the initial investment by annual savings.
* Option D (Break-even point) is incorrect because the break-even point (similar to payback) typically does not incorporate the time value of money; it focuses on the point where costs equal revenues.
:
SAVE International, VMF 1 Core Competency #4 (Cost Analysis), which includes Life Cycle Cost as a technique requiring the time value of money.
SAVE International, "Value Methodology Standard," section on cost analysis, defining Life Cycle Cost and its reliance on discounting (consistent with Question 7 on Present Worth).


NEW QUESTION # 43
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