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SAVE International Value Methodology Associate Sample Questions:

1. The best study results will usually come from applying the value methodology with:

A) An executive-level task force
B) A team working in similar disciplines
C) The current project team
D) A multidisciplinary team with a selected set of skills

2. Which of the following is the risk response strategy for opportunities that seek to increase the probability of an opportunity occurring and/or the magnitude of results being beneficial?

A) Mitigate
B) Enhance
C) Exploit
D) Share

3. Which type of value is the sum of labor, material, and other resources required to produce the subject?

A) Cost Value
B) Exchange Value
C) Esteem Value
D) Use Value

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

A) Risk Identification, Risk Management Planning, Risk Analysis, Risk Response Planning, Risk Monitoring and Control
B) Risk Management Planning, Risk Identification, Risk Response Planning, Risk Analysis, Risk Monitoring and Control
C) Risk Management Planning, Risk Analysis, Risk Identification, Risk Response Planning, Risk Monitoring and Control
D) Risk Management Planning, Risk Identification, Risk Analysis, Risk Response Planning, Risk Monitoring and Control

5. Identify which are key data used to transform information for a product value study:

A) Design objectives, original cost estimate, drawings, specifications, resource models, customer demographics
B) Flow diagrams, latest cost estimate, labor reports, drawings, site plan, regulatory requirements
C) Customer requirements, overhead cost, competitive analysis, sample components, packaging requirements, warranty information
D) Customer demographics, overhead cost, drawings, competitive analysis, sample components, labor reports

Solutions: