Which is NOT a recommended action in constructing an Option Evaluation Matrix?

The construction of an Option Evaluation Matrix is a structured process for comparing potential solutions. The key steps involve selecting the evaluation criteria (often derived from Value Drivers), establishing weights to reflect the relative importance of these criteria, and then scoring each option against them. Sensitivity analysis may also be conducted. Setting targets is a distinct, preceding activity within the MoV framework, typically done when defining the project's objectives and Value Drivers. While these targets inform the selection of criteria, the act of setting them is not part of building the matrix itself.

A. Select criteria: This is incorrect because selecting criteria is a fundamental and necessary first step in constructing any evaluation matrix.

B. Define scale of improvement required and sensitivity ranges: This is incorrect as defining scales and performing sensitivity analysis are recommended actions to test the robustness of the evaluation results.

D. Establish weights for relative importance: This is incorrect because weighting criteria is a critical step that ensures the final scores accurately reflect stakeholder priorities.

1. AXELOS. (2010). Management of Value (MoV). The Stationery Office (TSO).

Section C.4.2, 'Option evaluation': This section details the process for evaluating options. It explicitly describes the steps as: agreeing on the criteria (Value Drivers), weighting the criteria (e.g., using Paired Comparison), scoring the options, calculating weighted scores, and reviewing the results, including sensitivity analysis. The text does not include "setting targets" as a step in this specific technique. Targets are established earlier when defining value.

2. AXELOS. (2010). Management of Value (MoV) Foundation Courseware. PeopleCert.

Module 7, 'MoV Tools and Techniques': This module outlines the construction of an evaluation matrix. It emphasizes the selection of criteria, the application of weights to denote importance, and the scoring of options. The process is presented as a comparative tool, distinct from the target-setting activities that occur during the planning and information-gathering phases of the MoV study.