1. | In a standard contract, ________ are bound. | A. | Buyer and seller | | B. | Project manager and sponsor | | C. | Seller and sponsor | | D. | Buyer and project manager |
|
2. | The seller agrees to furnish products/services, and the buyer agrees to provide ________. | A. | Time | | B. | Effort | | C. | Consideration | | D. | Facilities |
|
3. | For the examination, procurement is discussed using the ________ relationship. | A. | Technical | | B. | Buyer/seller | | C. | Vendor/seller | | D. | Purchasing |
|
4. | In PMBOK, the buyer is ________ to the project team, and the seller is ________ to the project team. | A. | Assigned, allocated | | B. | Important, secondary | | C. | Related, outside | | D. | Internal, external |
|
5. | Market conditions are a part of ________. | A. | Organizational process assets | | B. | Project management concerns | | C. | Enterprise environmental factors | | D. | General management concerns |
|
6. | Formal or informal policies that pertain to procurement are part of the ________. | A. | Organizational process assets | | B. | Project management concerns | | C. | Enterprise environmental factors | | D. | General management concerns |
|
7. | Needed delivery dates and availability of resources can be found in the detail of the ________. | A. | WBS | | B. | SOW | | C. | Project Scope Statement | | D. | Project Charter |
|
8. | A Risk Register is a detailed part of the ________. | A. | Project Scope Statement | | B. | Project management plan | | C. | Project scheduling plan | | D. | Project Charter |
|
9. | When doing make-or-buy analysis, you should make sure that both ________ and ________ costs are included so that the comparisons are equal. | A. | Tactical, strategic | | B. | Management, project | | C. | Delayed, sunk | | D. | Direct, indirect |
|
10. | Technical judgments made to assess inputs and outputs of the planning of purchases and acquisition are an example of using ________. | A. | Expert judgment | | B. | External assets | | C. | Internal assets | | D. | Computers |
|
11. | There are three general types of contracts: cost reimbursable, time and materials, and ______________? | A. | Cost required | | B. | Fixed price | | C. | Simple cost | | D. | Reimbursed time |
|
12. | Which type of contract has the highest risk for the buyer? | A. | Fixed price | | B. | Reimbursed time | | C. | Time and materials | | D. | Cost plus |
|
13. | In the cost plus contract with the initials CPFF, the FF stands for ________. | A. | Formula foundation | | B. | Free fixed | | C. | Founded fixed | | D. | Fixed fee |
|
14. | Which type of contract has the highest risk for the seller? | A. | Fixed price | | B. | Reimbursed time | | C. | Time and materials | | D. | Cost plus |
|
15. | The type of contract where the buyer and seller share in the savings is ________. | A. | Fixed Price | | B. | Cost reimbursable with incentive fee | | C. | Cost reimbursable with fixed fee | | D. | Time and materials |
|
16. | Which type of contract uses a percentage of cost as a part of the agreed upon contract?
|
17. | A buyer negotiates a fixed-price incentive contract with the seller. The target cost is $200,000, the target profit is $35,000, and the target price is $250,000. The buyer negotiates a ceiling price of $280,000 and a share ratio of 70/30. If the contract is completed with actual costs of $180,000, how much profit will the buyer pay the seller? | A. | $49,000 | | B. | $41,000 | | C. | $38,000 | | D. | $29,000 |
|
18. | Definition of contract types to be used, how to handle lead times for procurement, and metrics used to manage contracts are all found in the ________. | A. | SOW | | B. | Procurement management plan | | C. | WBS | | D. | Scope Statement |
|
19. | The document that gives detail to prospective sellers concerning item or items to be purchased is the ________. | A. | SOW | | B. | Charter | | C. | WBS | | D. | CSOW |
|
20. | The document that contains information such as identified risks and risk owners is called a ________. | A. | Risk Register | | B. | SOW | | C. | WBS | | D. | Risk locator |
|
21. | The evaluation criteria are determined by the ________. | A. | Seller | | B. | Project manager | | C. | Buyer | | D. | Sponsor |
|
22. | Procurement documents are documents seeking information from the ________. | A. | Seller | | B. | Project manager | | C. | Buyer | | D. | Accountant |
|
23. | Meetings with prospective sellers to ensure that they have a clear understanding of the requirements are known as ________. | A. | Bidder conferences | | B. | Vendor conferences | | C. | Contract conferences | | D. | All of the above |
|
24. | The system that assigns a value to evaluation criteria is known as ________. | A. | Weighting system | | B. | Screening system | | C. | Expert judgment | | D. | Rating system |
|
25. | Risk control, quality control, and performance reporting are all used in ________. | A. | Project management | | B. | Contract administration | | C. | Reports | | D. | Sponsor communication |
|
26. | Contracts are administered by the ________. | A. | Buyer | | B. | Seller | | C. | Sponsor | | D. | Buyer and seller |
|
27. | Contracts can be amended prior to contract closure in accordance with the ________ of the contract. | A. | Requirements | | B. | Change control terms | | C. | Sponsor regulations | | D. | Organizational requirements |
|
28. | The buyer will conduct performance reviews that show differences between the ________ of the project and the actual performance. | A. | SOW | | B. | Baseline | | C. | Charter | | D. | WBS |
|
29. | The ________ will offer performance reports concerning the work done on the project. | A. | Seller | | B. | Buyer | | C. | Sponsor | | D. | Project manager |
|
30. | The ________ will conduct performance reviews that show differences between the baseline of the project and the actual performance. | A. | Sponsor | | B. | Project manager | | C. | Buyer | | D. | Sponsor |
|
31. | ________ and ________ are both a type of buyer performance review. | A. | Inspections, audits | | B. | Inspections, tours | | C. | Questioning, tours | | D. | Audits, tours |
|
32. | The payment system controls payments to the seller and may be controlled by the ________ function of the buyer. | A. | Accounts receivable | | B. | Payment processing | | C. | Accounts payable | | D. | Check writing |
|
33. | ________ involves verification that the work and deliverables of the project are acceptable. | A. | Contract closure | | B. | Administrative closure | | C. | Project schedule closure | | D. | Management plan closure |
|
34. | Contract closure usually involves ________ notice that the contract has been completed. | A. | Legal | | B. | Management | | C. | Formal written | | D. | Oral |
|
35. | Early termination of a contract is a unique type of ________. | A. | Legal requirement | | B. | Contract closure | | C. | Contract fulfillment | | D. | Contract management |
|
36. | A ________ is done to review all procurement processes done during the project. | A. | Project plan review | | B. | Project management review | | C. | Project performance review | | D. | Procurement review |
|