Project Procurement Management. Here is a list of sample questions which would help you to understand the pattern of questions on Project Procurement Management being asked in PMP Certification Exams.(1) The fixed price contract is advantageous to the buyer because it: requires extremely well defined specificationsrequires formal procedures for scope changesseller assumes financial and technical riskhas a known cost. Answer: CHint: Read about Fixed- price contracts under Sec 1. Page 3. 62 PMBOK 5(2) The contract administration function includes: funding managementmanaging relationships and interfacesperformance control all of the above. Answer: DHint: PMBOK 5, Page 3. Sec 1. 2. 3(3) The major type(s) of standard warranty used in the business environment is(are): expressimpliednegotiated. A and BA, B, and CAnswer: DHint: Warranty types include express and implied.
![]() Negotiated is not a warranty type.(4) A Unit Price (UP) contract provides: a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the contract progressesa reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profitthe supplier with a fixed price for delivered performance plus a predetermined fee for superior performancea fixed price where the supplier agrees to furnish goods and services at unit rates and the final price is dependent on the quantities needed to carry out the work. Answer: DHint: Time and Materials Contract, Page 3. PMBOK 5(5) The process of managing procurement relationships, monitoring contract performance, and making changes as appropriate is called. Plan Procurement Management. Control Procurements. Close Procurements. Conduct Procurements. Answer: BHint: PMBOK 5, Page 3. Section 1. 2. 3(6) From a contract management perspective, the project manager must consider the: acquisition processcontract administrationecological environmentoffer, acceptance, and consideration a and b. ![]() Answer: EHint: Options C and D are not related to contracts(7) The tools and techniques used in the process of Plan Procurement Management includes all but. Make- or- buy analysis. Market Research. Bidder Conferences. Expert Judgment. Answer: CHint: PMBOK 5, Page 3. ![]() Sec. 1. 2. 1(8) Which contract type places the most risk on the seller? Cost plus percentage fee. Cost plus incentive fee. Cost plus fixed fee. Fixed price plus incentive fee. Firm fixed price. Answer: EHint: Read about types of contracts under Sec 1. Project Procurement Management: A Guide to Structured Procurements focuses, through a practitioner's eyes, on the Project Management Institute's Project Procurement Management knowledge area. Text and other Instructional/Learning Materials Text Book(s): Text and Other Instructional/Learning Materials: Project Procurement Management, Contracting, Subcontracting, Teaming. Publisher: FMC Press. Page 3. 62 PMBOK 5(9) Decisions made in developing the procurement management plan can also influence the project schedule and are integrated with Develop Schedule, Estimate Activity Resources, and make- or- buy analysis. Plan Procurement Management. Control Procurements. Conduct Procurements. Close Procurements The correct sequence is: A. Answer: BHint: PMBOK 5, Page 3. Fig. 1. 2- 1(1. 3) The inputs used in the process of Conduct Procurements includes all except. Students should keep all course outlines for each course taken at. Project Procurement Management, Contracting, Subcontracting, Teaming. Project Procurement Management Quentin Fleming Pdf FreeSeller Proposals. Procurement statement of work. Source Selection Criteria. Agreements. Answer: DHint: Agreements are the output on conduct procurements process(1. American Public University. Project Procurement Management: Contracting, Subcontracting, Teaming. Project Procurement Management. The contractual agreement under Fixed Price Contracts ,which influences the Plan Procurement project and is the favored by buyers because the price for goods is set at the outset and doesn. The contractual agreement under Fixed Price Contracts ,which influences the Plan Procurement project and gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics is called. Fixed Price Incentive Fee Contracts (FPIF)Fixed Price with Economic Price Adjustment Contracts (FP- EPA)Firm Fixed Price Contracts (FFP)Fixed Assets Price (FAP)Answer: AHint: PMBOK 5, Page 3. The contractual agreement under Cost- reimbursable Contracts, which influences the Plan Procurement project and where if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre- negotiated cost sharing formula ,is called. Cost Plus Fixed Fee Contracts ( CPFF)Cost Plus Award Fee Contracts (CPAF)Cost Plus Incentive Fee Contracts ( CPIF)Cost Plus Percentage Completion (CPPC)Answer: CHint: PMBOK 5, Page 3. The contractual agreement under Cost- reimbursable Contracts, which influences the Plan Procurement project and where the seller is reimbursed for all the legitimate costs , but the majority of the fee is earned only based in the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract is called. Cost Plus Fixed Fee Contracts ( CPFF)Cost Plus Award Fee Contracts (CPAF)Cost Plus Incentive Fee Contracts ( CPIF)Cost Plus Firm Fixed Fee Contracts ( CPFFF)Answer: BHint: PMBOK 5, Page 3. The component of the project management plan that describes how a project team will acquire goods and services from outside the performing organization is called. Procurement Management Plan. Procurement Statement of Work. Procurement Documents. None of the above. Answer: AHint: PMBOK 5, Page 3. Sec. 1. 2. 1. 3. 1(1. A general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources is called. Market Research. Make- or- buy Analysis. Expert Judgment. None of the above. Answer: BHint: PMBOK 5, Page 3. Sec. 1. 2. 1. 2. 1(2. The type of hybrid contracts which influences the Plan Procurement project is called. Time and Material Contracts (T& M)Cost- reimbursable Contracts. Fixed Price Contracts. Both B & CAnswer: AHint: PMBOK 5, Page 3. Project Procurement Management: Contracting, Subcontracting, Teaming.
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