SAVE INTERNATIONAL VMA GUIDE & LATEST VMA MOCK TEST

SAVE International VMA Guide & Latest VMA Mock Test

SAVE International VMA Guide & Latest VMA Mock Test

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SAVE International Value Methodology Associate Sample Questions (Q25-Q30):

NEW QUESTION # 25
Which function is located to the left of the left vertical line in a FAST diagram?

  • A. Higher Order Function
  • B. Basic Function
  • C. Lower Order Function
  • D. Secondary Function

Answer: A

Explanation:
The Function Analysis System Technique (FAST) diagram is a key tool in Value Methodology's Function Analysis phase, as taught in the VMF 1 course (Core Competency #2). FAST diagrams map the relationships between functions, with the horizontal axis showing the "how-why" logic (critical path) and vertical lines called scope lines defining the study's boundaries. According to SAVE International's Value Methodology Standard, "the left vertical line in a FAST diagram is a scope line, and the function immediately to its right is typically the higher-order function, which represents the overarching goal or need for the system." The functionto the leftof the left scope line is outside the study's scope and often represents an even broader objective or external assumption that drives the higher-order function. However, in standard FAST diagramming, thehigher-order functionis the closest function to the left scope line within the scope, and functions to the left of the scope line (e.g., P in the diagram from Question 30) are external.
In the context of the VMA exam and VMF 1, the question likely tests the understanding of the higher-order function's position relative to the scope line. As established in Question 18, Function E (just inside the left scope line B) is the higher-order function. Functions to the left of the left scope line (e.g., P) are typically external assumptions or broader objectives, but the options provided (A, B, C, D) refer to standard function classifications within the FAST framework. Thehigher-order function(C) is the most relevant choice, as it is the function closest to the left scope line within the study's scope, and the question may be interpreted as asking for the function type associated with that position.
* Option A (Basic Function) is incorrect because the basic function is typically more central on the critical path, not at the far left.
* Option B (Secondary Function) is incorrect because secondary functions are vertical (supporting the critical path), not on the main path near the left scope line.
* Option C (Higher Order Function) is correct, as the higher-order function is located just to the right of the left scope line (e.g., Function E), and the question may be interpreted in this context based on standard FAST conventions.
* Option D (Lower Order Function) is incorrect because lower-order functions are to the right of the basic function, representing more specific outcomes, not near the left scope line.
:
SAVE International, VMF 1 Core Competency #2 (Function Analysis), defining the position of the higher- order function in FAST diagrams.
SAVE International, "Value Methodology Standard," section on Function Analysis, describing FAST diagramming conventions, including the role of scope lines and higher-order functions.


NEW QUESTION # 26
Which are the three main characteristics of the Value Methodology?

  • A. Function Analysis, brainstorming, teamwork
  • B. Multidisciplinary team, cost reduction, function improvement
  • C. Systematic process, function analysis, CVS
  • D. Systematic process, multidisciplinary team, qualified VM facilitator

Answer: D

Explanation:
Value Methodology (VM) is defined by SAVE International in its Value Methodology Standard as "a systematic process that uses a structured Job Plan to improve the value of projects, products, or processes by analyzing their functions and identifying opportunities to achieve required functions at the lowest total cost without compromising quality or performance" (as noted in Question 23). The VMF 1 course (Core Competency #1: Value Methodology Overview) highlights three main characteristics that define VM:
* Systematic process: VM follows a methodical, step-by-step approach (the VM Job Plan) to ensure consistency and effectiveness.
* Multidisciplinary team: VM studies are conducted by a diverse team with varied expertise to bring different perspectives (as emphasized in Question 24).
* Qualified VM facilitator: A facilitator trained in VM (often, but not always, a Certified Value Specialist) ensures the process is applied correctly and the team achieves optimal results.
While a Certified Value Specialist (CVS) is often involved, the broader characteristic is a qualified VM facilitator, as not all studies require a CVS (as noted in Question 4).
* Option A (Systematic process, function analysis, CVS) is incorrect because, while systematic process and function analysis are key, a CVS is not a defining characteristic; a qualified facilitator is more broadly applicable.
* Option B (Function Analysis, brainstorming, teamwork) is incorrect because these are components or activities within VM, not the main characteristics that define the methodology.
* Option C (Systematic process, multidisciplinary team, qualified VM facilitator) is correct, as it captures the three core characteristics of VM per SAVE International's standards.
* Option D (Multidisciplinary team, cost reduction, function improvement) is incorrect because cost reduction and function improvement are outcomes of VM, not defining characteristics; the systematic process and facilitation are more fundamental.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, defining VM as a systematic process with a multidisciplinary team and facilitated approach.
SAVE International, VMF 1 Core Competency #1 (Value Methodology Overview), emphasizing the systematic, team-based, and facilitated nature of VM (consistent with Questions 23 and 24).


NEW QUESTION # 27
Risks associated with a project, product, or process typically impact:

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

Answer: D

Explanation:
Risk management is a critical aspect of Implementation Planning in Value Methodology (VM), as it ensures that VM proposals can be successfully executed, as taught in the VMF 1 course (Core Competency #8:
Implementation Planning). According to SAVE International's Value Methodology Standard, "risks associated with a project, product, or process typically impact schedule, cost, or performance." This is often referred to as the "project management triangle" or "triple constraint," a fundamental concept in project management that VM adopts when assessing risks during the Development and Presentation Phases.
* Schedule: Risks that cause delays (e.g., late delivery of materials).
* Cost: Risks that increase expenses (e.g., unexpected cost overruns).
* Performance: Risks that affect quality or functionality (e.g., a proposed solution failing to meet requirements).
The VMF 1 curriculum emphasizes that VM teams must identify and mitigate risks in these three areas to ensure the feasibility of their recommendations, making this the most relevant framework for understanding risk impacts in a VM context.
* Option A (Schedule, cost, or performance) is correct, as it directly aligns with the standard risk impact areas in VM and project management.
* Option B (Cost, requirements, or results) is incorrect because, while cost is relevant, "requirements" and "results" are less specific than "schedule" and "performance" in the context of VM risk management.
* Option C (Resources, regulations, or time) is incorrect because, while time (schedule) is relevant, resources and regulations are more specific factors that contribute to broader impacts on schedule, cost, or performance.
* Option D (Time, function, or attributes) is incorrect because, while time (schedule) is relevant,
"function" and "attributes" are not standard risk impact categories in VM; performance is the broader term used.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, section on risk management, referencing the impact of risks on schedule, cost, and performance.
SAVE International, VMF 1 Core Competency #8 (Implementation Planning), emphasizing the project management triangle (schedule, cost, performance) in risk assessment.


NEW QUESTION # 28
Which of the following defines the nominal rate of increase in the value of money over time, after subtracting for inflation?

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

Answer: D

Explanation:
In the context of Value Methodology, cost analysis often involves financial concepts to evaluate the economic impact of alternatives, including understanding the time value of money. The VMF 1 course, under Core Competency #4 (Cost Analysis), includes basic financial metrics relevant to value studies, such as discounting cash flows to assess long-term value. The nominal rate of increase in the value of money over time, after subtracting for inflation, refers to thereal discount rate. In financial terms, as per standard economic principles taught in VMF 1, the discount rate is the rate used to discount future cash flows to their present value, and thereal discount rateis the nominal discount rate adjusted for inflation (i.e., real discount rate = nominal discount rate # inflation rate). This measures the true increase in the value of money over time, excluding inflationary effects.
* Option A (Simple Payback or Breakeven Point) is incorrect because payback measures the time required to recover an investment, not the rate of increase in money's value.
* Option B (Return on Investment or ROI) is incorrect because ROI measures the profitability of an investment as a percentage, not the rate of increase in money's value over time.
* Option C (Discount Rate) is correct because the real discount rate, after subtracting inflation, defines the nominal rate of increase in the value of money over time, as used in financial analyses within VM studies.
* Option D (Present Worth or Net Present Value) is incorrect because NPV is the result of discounting future cash flows to their present value using a discount rate, not the rate itself.
:
SAVE International, VMF 1 Core Competency #4 (Cost Analysis), which includes financial concepts like discounting and the time value of money in value studies.
SAVE International, "Value Methodology Standard," section on cost analysis, referencing economic evaluation techniques such as discounting for long-term cost analysis.


NEW QUESTION # 29
If an organization invests $160,000 in a new software system that improves analysis and reduces annual costs by $3,000 per year, the payback period would be approximately:

  • A. 45 years
  • B. 50 years
  • C. 53 years
  • D. 56 years

Answer: C

Explanation:
In Value Methodology, cost analysis often involves financial metrics like the payback period 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 payback period is "the time required for the cumulative savings or benefits from an investment to equal the initial cost, calculated as Initial Investment ÷ Annual Savings." Here, the organization invests $160,000 in a software system that saves
$3,000 per year.
* Payback Period = Initial Investment ÷ Annual Savings
* Payback Period = $160,000 ÷ $3,000 = 53.333 years
* Rounding to the nearest whole number, the payback period is approximately 53 years.
The question does not specify adjustments for the time value of money (e.g., discounting), which aligns with the simple payback method commonly used in VM for straightforward analysis.
* Option A (45 years) is incorrect because 160,000 ÷ 3,000 = 53.333, not 45.
* Option B (50 years) is incorrect because it underestimates the payback period (53.333 years).
* Option C (53 years) is correct, as it matches the calculated payback period when rounded.
* Option D (56 years) is incorrect because it overestimates the payback period.
:
SAVE International, VMF 1 Core Competency #4 (Cost Analysis), which includes calculating payback periods for economic evaluation in VM studies.
SAVE International, "Value Methodology Standard," section on cost analysis, referencing the simple payback method for assessing alternatives.


NEW QUESTION # 30
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