Exam 12: Project Supply Chain Management

A description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products,services or results is known as:

Which party to a contract absorbs the preponderance of cost risk when a Firm-Fixed-Price (FFP)contract is used?

Outputs of Plan Procurement Management include the procurement management plan and procurement statement of work.

Which of the following types of contracts involves payment to the seller for the seller's actual costs plus a fee typically representing the seller's profit?

One of the important factors that should influence the selection of contract type is the degree of risk for the seller and the buyer that each contract type contains.

The procurement management plan:

The PMBOK process of documenting project procurement decisions,specifying the approach and identifying potential sellers is known as:

Which of the following factors should be considered when a project team evaluates a "make or buy" decision to procure services?

Fixed price contracts provide low risk for the seller,since the buyer will pay a fixed price,regardless of how much the project actually costs the seller.

Which of the following contract types is most appropriate when costs are NOT well known and the buyer absorbs all of the cost risk?

Which of the following is one of the PMBOK Guide's four project procurement management processes?

All of the following factors are commonly used to assess potential suppliers pursuant to a source selection decision EXCEPT:

Project partnerships offer which of the following advantages to both clients and vendors?

Information is a key ingredient at each stage of the project supply chain,as well as within each phase of supply chain decision making.

Traditional project procurement was characterized by win / lose adversarial relations between owner and contractor,whereas contemporary project partnering fosters a relationship of trust and collaboration.

Which of the following terms describes a method for transforming contractual arrangements into a cohesive,collaborative project team with a single set of goals and established dispute resolution procedures?

Project partnerships can be advantageous to both the client and the vendor,in terms of improved project execution,flexibility,and reduced bid administration.

All of the following statements accurately describe supply chain management EXCEPT:

Project partnerships offer all of the following advantages to vendors EXCEPT:

All of the following entities are typically included in the supply chain EXCEPT: