Question 1

Statement: Major areas of work that must be procured will be identified in the WBS.

Accepted Answer

A) True 
 B)False

Question 2

Statement: Procurement management involves selection of the right suppliers, vendors, and contractors.

Accepted Answer

A) True 
 B)False

Question 3

Statement: The schedule for procured items can be created independently of the project schedule.

Accepted Answer

A) True 
 B)False

Question 4

Items to be procured during the project are identified

Accepted Answer

A)  as work gets underway during project execution 
B)  during the WBS process or earlier 
C)  mostly during the contract negotiation process 
A)  as work gets underway during project execution 
B)  during the WBS process or earlier 
C)  mostly during the contract negotiation process

Question 5

With a Cost Plus Incentive Fee (CPIF)

Accepted Answer

A)  the customer can pay a lower price if the contractor can reduce costs 
B)  the incentive is to come at or below the target cost 
C)  the contractor can earn a larger profit by reducing costs 
D)  is not really a cost-reimbursable contract 
E)  the price is periodically adjusted to allow for changes in materials, labor, or overhead costs 
A)  the customer can pay a lower price if the contractor can reduce costs 
B)  the incentive is to come at or below the target cost 
C)  the contractor can earn a larger profit by reducing costs 
D)  is not really a cost-reimbursable contract 
E)  the price is periodically adjusted to allow for changes in materials, labor, or overhead costs

Question 6

Statement: The "conduct procurement" stage is also referred to as the solicitation or conduct-procurement process

Accepted Answer

A) True 
 B)False

Question 7

With a Cost Plus Fixed Fee (CPFF)

Accepted Answer

A)  the customer assumes the risk of cost overruns 
B)  the price to the customer remains the same 
C)  the contractor is assured of being reimbursed for all allowable expenses 
D)  contractor risks underestimating the cost and losing money on the project 
E)  cutting-corners to reduce costs is a potential risk 
A)  the customer assumes the risk of cost overruns 
B)  the price to the customer remains the same 
C)  the contractor is assured of being reimbursed for all allowable expenses 
D)  contractor risks underestimating the cost and losing money on the project 
E)  cutting-corners to reduce costs is a potential risk

Question 8

The customer advertises for project price bids usually when

Accepted Answer

A)  scope of the project is complex, requirements are ill-defined, and bidder qualifications are unknown 
B)  scope of the project is somewhat simple, requirements are well defined, and bidders are pre-qualified. 
C)  scope of the project is somewhat simple, requirements are well defined, and bidders are pre-qualified 
D)  the customer is most interested in learning different contractors' ideas about the project 
E)  the customer is interested in negotiating with contractor to settle on the best process 
A)  scope of the project is complex, requirements are ill-defined, and bidder qualifications are unknown 
B)  scope of the project is somewhat simple, requirements are well defined, and bidders are pre-qualified. 
C)  scope of the project is somewhat simple, requirements are well defined, and bidders are pre-qualified 
D)  the customer is most interested in learning different contractors' ideas about the project 
E)  the customer is interested in negotiating with contractor to settle on the best process

Question 9

A "solicitation package" includes (circle all that apply)

Accepted Answer

A)  solicitation documents (RFP, RFQ, RFT, etc.) 
B)  list of qualified bidders 
C)  final signed contracts 
D)  proposal evaluation process and criteria 
E)  project close-out procedures 
A)  solicitation documents (RFP, RFQ, RFT, etc.) 
B)  list of qualified bidders 
C)  final signed contracts 
D)  proposal evaluation process and criteria 
E)  project close-out procedures

Question 10

With a Time and Materials (T&M) contract

Accepted Answer

A)  the customer pays a contracted fixed price that is estimated before the rpoject based on labor time and material 
B)  the contractor is reimbursed for direct labor hours at a specified per-person hourly rate plus material costs and a mark-up 
C)  the time represents the duration of the project (start to finish) and the materials are whatever was needed to produce the estimate 
D)  the contractor has an incentive to perform the work in the shortest time and with the fewest materials 
A)  the customer pays a contracted fixed price that is estimated before the rpoject based on labor time and material 
B)  the contractor is reimbursed for direct labor hours at a specified per-person hourly rate plus material costs and a mark-up 
C)  the time represents the duration of the project (start to finish) and the materials are whatever was needed to produce the estimate 
D)  the contractor has an incentive to perform the work in the shortest time and with the fewest materials

Question 11

Statement: Procurement management follows a process similar to the project klife cycle: plan, conduct, control, and close out

Accepted Answer

A) True 
 B)False

Question 12

Statement: Portions of or even entire work packages might fall under "procurement management."

Accepted Answer

A) True 
 B)False

Question 13

Statement: A Guaranteed Maximum Price (GMP) contract is like a Cost-Plus Fixed Fee contract with a cap on the price.

Accepted Answer

A) True 
 B)False

Question 14

Procurement can include (circle all that apply)

Accepted Answer

A)  acquisition of a complex system 
B)  purchasing parts and components 
C)  selecting a supplier of parts and components 
D)  acquiring the services of a design firm 
E)  monitoring the work of internal project staff 
A)  acquisition of a complex system 
B)  purchasing parts and components 
C)  selecting a supplier of parts and components 
D)  acquiring the services of a design firm 
E)  monitoring the work of internal project staff

Question 15

The role of contract administration is

Accepted Answer

A)  authorizing work to begin 
B)  monitoring work 
C)  insuring compliance to contractors' responsibilities 
D)  managing waivers and changes 
E)  ensuring that the customer is invoiced for deliverables 
A)  authorizing work to begin 
B)  monitoring work 
C)  insuring compliance to contractors' responsibilities 
D)  managing waivers and changes 
E)  ensuring that the customer is invoiced for deliverables

Question 16

Statement: Procurement management refers to the management of items produced or work done internally.

Accepted Answer

A) True 
 B)False

Statement: Major areas of work that must be procured will be identified in the WBS.

Statement: Procurement management involves selection of the right suppliers, vendors, and contractors.

Statement: The schedule for procured items can be created independently of the project schedule.

Items to be procured during the project are identified

With a Cost Plus Incentive Fee (CPIF)

Statement: The "conduct procurement" stage is also referred to as the solicitation or conduct-procurement process

With a Cost Plus Fixed Fee (CPFF)

The customer advertises for project price bids usually when

A "solicitation package" includes (circle all that apply)

With a Time and Materials (T&M) contract

Statement: Procurement management follows a process similar to the project klife cycle: plan, conduct, control, and close out

Statement: Portions of or even entire work packages might fall under "procurement management."

Statement: A Guaranteed Maximum Price (GMP) contract is like a Cost-Plus Fixed Fee contract with a cap on the price.

Procurement can include (circle all that apply)

The role of contract administration is

Statement: Procurement management refers to the management of items produced or work done internally.

What Is Project Management

Systems Approach

Project Life Cycle and Project Conception

Project Definition and System Definition

Project Execution and Closeout

Basic Project Planning Techniques

Project Schedule Planning and Networks

Advanced Project Network Analysis and Scheduling

Cost Estimating and Budgeting

Project Quality Management

Project Risk Management

Project Monitoring and Control

Agile Project Management and Lean

Project Organizational Structure and Integration

Project Roles and Stakeholders

Leadership, Teamwork, and Conflict

Meta-Management of Projects and Program Management

Project Selection and Portfolio Management

International Project Management

Filters

Exam 12: Project Procurement Management and Contracting

Statement: Major areas of work that must be procured will be identified in the WBS.

Statement: Procurement management involves selection of the right suppliers, vendors, and contractors.

Statement: The schedule for procured items can be created independently of the project schedule.

Items to be procured during the project are identified

With a Cost Plus Incentive Fee (CPIF)

Statement: The "conduct procurement" stage is also referred to as the solicitation or conduct-procurement process

With a Cost Plus Fixed Fee (CPFF)

The customer advertises for project price bids usually when

A "solicitation package" includes (circle all that apply)

With a Time and Materials (T&M) contract

Statement: Procurement management follows a process similar to the project klife cycle: plan, conduct, control, and close out

Statement: Portions of or even entire work packages might fall under "procurement management."

Statement: A Guaranteed Maximum Price (GMP) contract is like a Cost-Plus Fixed Fee contract with a cap on the price.

Procurement can include (circle all that apply)

The role of contract administration is

Statement: Procurement management refers to the management of items produced or work done internally.

What Is Project Management

Systems Approach

Project Life Cycle and Project Conception

Project Definition and System Definition

Project Execution and Closeout

Basic Project Planning Techniques

Project Schedule Planning and Networks

Advanced Project Network Analysis and Scheduling

Cost Estimating and Budgeting

Project Quality Management

Project Risk Management

Project Monitoring and Control

Agile Project Management and Lean

Project Organizational Structure and Integration

Project Roles and Stakeholders

Leadership, Teamwork, and Conflict

Meta-Management of Projects and Program Management

Project Selection and Portfolio Management

International Project Management

Filters