CVS Information Gathering and Cost Modeling

Question 1

In the VM Information Phase, what is the primary purpose of constructing a cost model?

Accepted Answer

To allocate total project or product cost to individual functions so high-cost areas can be targeted

Answer

To determine the salary of each VM team member

Answer

To create a Gantt chart for the VM workshop schedule

Answer

To compare the VM study budget against organizational benchmarks

Question 2

Pareto analysis (80/20 rule) applied in the VM Information Phase is MOST useful for:

Accepted Answer

Identifying the roughly 20% of functions or components responsible for ~80% of total cost

Answer

Ensuring equal time is spent analyzing every system component

Answer

Prioritizing team members' personal development goals

Answer

Determining which FAST diagram branch to draw first

Question 3

A 'should-cost' analysis in VM is BEST described as:

Accepted Answer

An independent cost estimate based on required functions and efficient processes, used as a benchmark against actual costs

Answer

An estimate of what a project should cost based on historical bid averages

Answer

The minimum acceptable bid price in a procurement process

Answer

A post-project audit comparing budgeted versus actual expenditures

Question 4

During the VM Information Phase, which data-gathering technique is MOST effective for quickly revealing stakeholder priorities and project constraints?

Accepted Answer

Structured interviews with key stakeholders conducted before the workshop

Answer

Anonymous written surveys distributed after the workshop

Answer

Reviewing only the project's financial statements

Answer

Observing competing products on the market

Question 5

In a VM cost model for a manufactured product, costs are BEST allocated by:

Accepted Answer

Assigning each part's cost to the basic or secondary function it primarily performs

Answer

Dividing total cost evenly among all parts

Answer

Listing costs in alphabetical order by component name

Answer

Using the vendor's list price without adjustment

Question 6

Which document produced during the VM Information Phase provides the team with a comprehensive understanding of the project's technical performance requirements?

Accepted Answer

The project specification or performance requirements document

Answer

The VM study budget spreadsheet

Answer

The Function Analysis System Technique (FAST) diagram alone

Answer

The team member skills matrix