SAVE International VMA Exam With Confidence Using Practice Dumps

In Value Methodology, value is defined as the relationship between function and cost (value = function/cost), and different types of value are analyzed to assess worth, as taught in the VMF 1 course (Core Competency #4: Cost Analysis). According to SAVE International’s Value Methodology Standard, the types of value include:

Cost Value: “The sum of labor, material, overhead, and other resources required to produce the subject.” It represents the actual cost to create or deliver the product or system.

Use Value: The value of the functions the subject performs (e.g., what it does for the user).

Esteem Value: The value associated with prestige, aesthetics, or desirability (e.g., brand value).

Exchange Value: The value of the subject in terms of what it can be exchanged for (e.g., market value).

The question asks for the type of value that is the sum of labor, material, and other resources, which directly matches the definition ofCost Value. For example, the cost value of a car includes the costs of its parts, labor to assemble it, and overhead expenses.

Option A (Esteem Value) is incorrect because esteem value relates to subjective desirability, not production costs.

Option B (Exchange Value) is incorrect because exchange value is the market value, not the cost to produce.

Option C (Use Value) is incorrect because use value reflects the functional utility, not the resource costs.

Option D (Cost Value) is correct, as it is defined as the sum of resources required to produce the subject.

Function Analysis in Value Methodology involves identifying and classifying functions using verb-noun combinations, as taught in the VMF 1 course (Core Competency #2). The basic function of an item is its primary purpose—what it must do to fulfill its intended use, defined in broad, measurable terms. According to SAVE International’s Value Methodology Standard, “functions should be expressed at a level that captures the core purpose of the item, avoiding overly specific or secondary actions.” For a teacup, the basic function is the most fundamental action it performs. A teacup’s primary purpose is tocontain liquid, as this captures the essential role of holding a liquid (e.g., tea, water, or any beverage), which applies to all teacups regardless of the specific liquid or use.

Option A (Provide container) is incorrect because “provide container” is not a standard verb-noun function format and is too vague; the teacup itself is the container, and the function is what it does (contain liquid).

Option B (Allow drinking) is incorrect because allowing drinking is a secondary function or outcome; the teacup must first contain liquid before drinking can occur, and not all uses involve drinking (e.g., holding liquid for soaking).

Option C (Contain tea) is incorrect because, while a teacup often contains tea, this is too specific; a teacup can hold other liquids (e.g., coffee, water), so the basic function is broader.

Option D (Contain liquid) is correct, as it defines the basic function of a teacup in the most fundamental terms, encompassing all potential uses, similar to how a pen’s function was defined as “mark surface” in Question 38.

In Value Methodology (VM), gathering input from customers and stakeholders is a key activity, particularly during the Information Phase of the 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, various techniques are used to collect stakeholder input, including interviews, questionnaires, surveys, and focus panels. The standard defines these as follows:

Interviews: One-on-one discussions with individual stakeholders to gather detailed insights.

Questionnaires: Written sets of questions distributed to stakeholders, typically completed individually.

Surveys: Similar to questionnaires, often distributed to a larger group, with responses collected individually.

Focus panels: Group discussions involving multiple customers and stakeholders simultaneously, designed to capture collective input and foster dialogue.

The question specifies a technique that involves capturing input “at the same time” from multiple customers and stakeholders, which aligns with the definition offocus panels. Focus panels (or focus groups) bring together diverse stakeholders in a single session to discuss needs, preferences, and concerns, allowing for real-time interaction and consensus-building, which is particularly useful in VM studies to understand project objectives and constraints.

Option A (Interviews) is incorrect because interviews are typically conducted one-on-one, not with multiple stakeholders simultaneously.

Option B (Questionnaires) is incorrect because questionnaires are completed individually, not in a group setting at the same time.

Option C (Surveys) is incorrect because surveys are also completed individually, often asynchronously, not at the same time.

Option D (Focus panels) is correct, as it involves capturing input from multiple stakeholders simultaneously in a group setting.