Question 1

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

Accepted Answer

The answer of A(n) _____ type of e-procurement that Identifies...

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

The answer of A(n) _____ contract has the least amount...

Question 4

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.

Accepted Answer

The answer of A contract statement of work is a...

Question 5

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?

Accepted Answer

A) Reduction in fixed and recurrent costs 
B) Increased flexibility 
C) Increased accountability 
D) Access to specific skills

Question 6

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

Accepted Answer

The answer of The cost at which the contractor assumes...

Question 7

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

Accepted Answer

A) Determining the evaluation criteria for the contract award 
B) Developing procurement statements of work 
C) Using expert judgement in planning?purchases and acquisitions 
D) Sending appropriate documentation to potential sellers

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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.

Accepted Answer

The answer of A(n) _____ decision is one in which...

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) A selected seller 
B) A procurement management plan 
C) A procurement statement of work 
D) A closed procurement

Question 15

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

Accepted Answer

The answer of A(n) _____ is a document prepared by...

Question 16

The first step in project procurement management is:

Accepted Answer

A) closing procurement management. 
B) controlling procurements. 
C) conducting procurements. 
D) planning procurement management.

Question 17

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

Accepted Answer

A) RFQ 
B) RFP 
C) WBS 
D) SOW

Question 18

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

Accepted Answer

A) FFP 
B) CPIF 
C) CPPC 
D) FPIF

Question 19

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

Accepted Answer

A) CPPC 
B) FFP 
C) CPAF 
D) FP-EPA

Question 20

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

Accepted Answer

A) Firm-fixed-price 
B) Lump sum 
C) Cost-reimbursable contracts 
D) Fixed-price incentive fee

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.