VMA 100% EXAM COVERAGE - NEW GUIDE VMA FILES

VMA 100% Exam Coverage - New Guide VMA Files

VMA 100% Exam Coverage - New Guide VMA Files

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SAVE International Value Methodology Associate Sample Questions (Q19-Q24):

NEW QUESTION # 19
The VM is defined by SAVE International as a:

  • A. Systematic process
  • B. Sequential process
  • C. Structured process
  • D. Specialized process

Answer: A

Explanation:
Value Methodology (VM) is defined by SAVE International in its Value Methodology Standard as "a systematic processthat 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." The term "systematic" emphasizes the methodical, disciplined approach of VM, which follows a defined sequence of phases (the VM Job Plan) and uses specific tools like Function Analysis and cost modeling to ensure consistency and effectiveness.
* Option A (Structured process) is partially correct, as VM is structured, but "systematic" is the precise term used by SAVE International to describe the methodology's comprehensive and methodical nature.
* Option B (Specialized process) is incorrect because VM is a general methodology applicable across industries, not limited to a specific domain.
* Option C (Systematic process) is correct, directly matching SAVE International's definition of VM.
* Option D (Sequential process) is incorrect because, while the VM Job Plan is sequential, the definition of VM focuses on its systematic nature, not just the sequence.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, defining VM as a systematic process.
SAVE International, "Value Methodology Associate (VMA) Certification,"https://www.value-eng.org/page
/VMA, referencing VMF 1 Core Competency #1 (Value Methodology Overview).


NEW QUESTION # 20
How many phases are in the VM Job Plan?

  • A. 0
  • B. 1
  • C. 2
  • D. 3

Answer: B

Explanation:
The Value Methodology (VM) Job Plan is a structured, systematic process central to Value Methodology, as defined in the Value Methodology Fundamentals 1 (VMF 1) course and SAVE International's Value Methodology Standard. According to these sources, the VM Job Plan consists ofsix phases: Information, Function Analysis, Creative, Evaluation, Development, and Presentation. These phases ensure a disciplined approach to analyzing functions, generating ideas, evaluating alternatives, and presenting value-enhancing recommendations.
* Information Phase: Collect and analyze data on project scope, costs, constraints, and objectives to establish a baseline for the study.
* Function Analysis Phase: Identify, classify, and analyze functions (e.g., basic, secondary) using tools like the Function Analysis System Technique (FAST) to understand their purpose and relationships.
* Creative Phase: Generate a broad range of ideas to improve value through brainstorming or other creative techniques, focusing on alternative ways to perform functions.
* Evaluation Phase: Assess the feasibility, cost impact, and benefits of ideas using criteria like performance, quality, and alignment with project goals.
* Development Phase: Refine the most promising ideas into detailed, actionable proposals, including implementation plans and cost estimates.
* Presentation Phase: Communicate recommendations to stakeholders through reports, presentations, or other deliverables to gain approval and facilitate implementation.
SAVE International's VMF 1 course, which is a prerequisite for the VMA exam, explicitly teaches these six phases as part of Core Competency #3 (Value Methodology Job Plan). The standard is consistent across SAVE International's documentation, including the Value Methodology Standard and certification guidelines.
Options A (3), C (7), and D (8) do not match the official six-phase structure of the VM Job Plan.
:
SAVE International, "Value Methodology Standard and Body of Knowledge," available athttps://www.value- eng.org, which outlines the six-phase VM Job Plan.
SAVE International, "Value Methodology Associate (VMA) Certification,"https://www.value-eng.org/page
/VMA, referencing the VMF 1 course content and Core Competency #3.
VMF 1 Course Objectives, as described in SAVE International's training materials, emphasizing the six- phase Job Plan structure.


NEW QUESTION # 21
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 # 22
What is the correct sequence of the last four phases of the Value Methodology Job Plan?

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

Answer: D

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 # 23
Which of the following defines the nominal rate of increase in the value of money over time, after subtracting for inflation?

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

Answer: A

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 # 24
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