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.
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(1) The fixed price contract is advantageous to the buyer because it:
requires extremely well defined specifications
requires formal procedures for scope changes
contractor assumes financial and technical risk
has a known cost
(2) The contract administration function includes:
managing relationships and interfaces
all of the above
(3) The major type(s) of standard warranty(ies) that are used in the business environment is(are):
a and b
(4) A Unit Price (UP) contract provides:
a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the contract progresses
a reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profit
the supplier with a fixed price for delivered performance plus a predetermined fee for superior performance
a 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.
(5) Which phase of the Acquisition Process Cycle does source qualifications reside?
(6) From a contract management perspective, the project manager must consider the:
offer, acceptance, and consideration
a and b
(7) A performance bond should always provide what part of the contract value?
Normally a performance bond, depending upon the state, only stipulates that the contractor will guarantee the work for a certain period of time.
(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
(9) What are the types of express guarantees?
Length of service
a and b
(10) What is the last item a project manager must do to finalize project close-out?
Reassign the team
Archive the project records
Complete lessons learned
None of the above.