Exam 12: Project Procurement Management

A(n) _____ type of e-procurement that Identifies new suppliers for a specific category of purchasing requirements using Internet technology.

Reviewing performance records reduces the risk of selecting a supplier with a poor track record.

A(n) _____ contract has the least amount of risk for the buyer.

A contract statement of work is a type of _____ statement that describes the work in sufficient detail to allow prospective suppliers to determine if they can provide the required goods and services and to determine an appropriate price.

Outsourcing suppliers can often provide economies of scale, especially for hardware and software, that may not be available to the client alone. Which of the following benefits does this offer an organization?

The cost at which the contractor assumes total responsibility for each additional dollar of contract cost is known as a(n) _____.

After planning for procurement management, which of the following does the next process involve?

The closing procurements process involves updating records to reflect final results and archiving information for future use.

While outsourcing, organizations should protect strategic information because it can become vulnerable in the hands of suppliers.

A(n) _____ decision is one in which an organization decides if it is in its best interests to make certain products or perform certain services inside the organization, or if it is better to buy them from an outside organization.

Buyers absorb lesser risk with cost-reimbursable contracts than they do with fixed-price contracts.

The main sections of an RFP can include the statement of work and schedule information.

In project procurement management, a main output of the controlling process is a source selection criteria.

In project procurement management, which of the following is one of the main outputs of the conducting procurement process?

A(n) _____ is a document prepared by a seller when there are different approaches for meeting buyer needs.

The first step in project procurement management is:

A document used to solicit quotes or bids from prospective suppliers is known as a(n) _____.

In a(n) _____ contract, the buyer pays the supplier for allowable performance costs along with a predetermined fee and an incentive bonus.

A(n) _____ contract carries the least risk for suppliers.

_____ contracts involve payment to the supplier for direct and indirect actual costs and often include fees.