This is an example of:
A. Cost Plus Fixed Fee Contract
B. Cost Plus Incentive Fee Contract
C. Cost Plus Award Fee Contract
D. Time and Material Contract
22) You have started a hand-made greeting card business, PaperGreet and hire a team to create your greeting cards. You sign a contract to pay them for their costs and in addition, a considerable amount if they deliver all the cards before the beginning of the holiday season. This is an example of:
A. Cost Plus Fixed Fee Contract
B. Cost Plus Incentive Fee Contract
C. Cost Plus Award Fee Contract
D. Time and Material Contract
23) Risk audits:
A. Are the responsibility of the project manager
B. Are conducted only by project manager and his team
C. Can be done during regular project review meetings
D. Examine and document the effectiveness of risk responses in dealing with
identified risks and their root causes
Answer choices:
1. A, B, C
2. B, C, D
3. C, D, A
4. D, A, B
24) You have started a hand-made paper business and hire a team to make paper. You sign a contract to pay them for their costs and in addition, a considerable amount if they deliver all the paper rolls before the beginning of the holiday season. The initial estimate of costs is $5000.
The team did deliver the paper to your satisfaction but their costs went over the initial estimates by 20%. You decide the share the overages with the seller at a pre-determined rate of 70/30.
This is an example of:
A. Cost Plus Fixed Fee Contract
B. Cost Plus Incentive Fee Contract
C. Cost Plus Award Fee Contract
D. Time and Material Contract
25) You have started a hand-made paper business and hired a team to make paper. You sign a contract to pay them for their costs and in addition, an additional $1000 if they deliver all the paper rolls before the beginning of the holiday season. The initial estimate of costs is $5000.
The team did deliver the paper to your satisfaction but their costs went over the initial estimates by 20%. You had also included in the contract a provision to the share the overages with the seller at a pre-determined rate of 70 (buyer)/30 (seller).
The final amount you have to pay the seller is:
A. $6000
B. $6700
C. $700
D. $5700
26) You have started a hand-made paper business and hired a team to make paper. You sign a contract to pay them for their costs and in addition, an additional $1000 if they deliver all the paper rolls before the beginning of the holiday season. The initial estimate of costs is $5000.
The team did deliver the paper to your satisfaction but their costs went over the initial estimates by 20%. You had also included in the contract a provision to the share the overages with the seller at a pre-determined rate of 70 (buyer)/30 (seller).
The amount the seller has to bear for the overage is:
A. $6000
B. $300
C. $700
D. $5700
27) You sign an agreement with a building contractor to build your house. You will reimburse all his costs but pay the majority of his fee based on subjective determination of his performance. This is an example of:
A. Cost Plus Fixed Fee Contract
B. Cost Plus Incentive Fee Contract
C. Cost Plus Award Fee Contract
D. Time and Material Contract
28) Which of the following is not true about T&M contracts?
A. Combine aspects of cost-reimbursable and fixed-price contracts
B. Used when a precise statement of work cannot be prescribed quickly
C. Can increase in contract value as if they were cost reimbursable Contracts
D. Unit labor or material rates cannot be preset by the buyer and seller
29) Obtaining seller responses, selecting a seller, and awarding a contract are done in:
A. Plan Procurement Management
B. Conduct Procurements
C. Control Procurements
D. Manage Procurements
30) Your company plans to install an employee satisfaction tool to gather employee feedback. You as the PM, estimate that there are resources available in-house to create the tool at a cost $20,000. Alternately the tool could be bought outside for $15,000. But your project has a budget of only $5000. You are considering leasing as an option. Which technique are you using?
A. Negotiation
B. Make-or-buy analysis
C. Expert judgment
D. Budgeting
31) As a PM working on a contract document for a supplier, you are asking the legal department to review the terms and conditions so any gaps can be addressed. Which technique are you using?
A. Negotiation
B. Make-or-buy analysis
C. Expert judgment
D. Budgeting
32) When looking for contractors for your home remodeling project, you narrowed your list down to three contractors. You checked online reviews from other customers and finally decided on one of the contractors. Which technique did you use?
A. Reviewing
B. Make-or-buy analysis
C. Expert judgment
D. Market research
33) Procurement performance reviews, payment systems, and claims administration are tools and techniques for which of the below?
A. Control procurements
B. Conduct procurements
C. Manage procurements
D. Close procurements
34) Which of the below can be guided in the procurement management plan?
A. Coordinating procurement with other project aspects, such as scheduling and performance reporting
B. Handling the long lead times to purchase certain items from sellers and coordinating the extra time needed to procure these items with the development of the project schedule
C. Handling the make-or-buy decisions and linking them into the Estimate Activity Resources and Develop Schedule processes
D. Procurement metrics to be used to manage contracts and evaluate sellers
35) As a PM, you prepare a document for your resource vendor that lists the number of resources needed, the work location, and the duration of the contract. Which document are you preparing?
A. Activity resource requirement
B. Procurement Statement of work
C. Source selection criteria
D. Procurement policy
36) You are managing a road repair project. Budget is set at $100,000 and the supplier decision will be made based on who bids lowest. You prepare a procurement document to solicit proposals from prospective sellers. Which of the following are alternate names for the procurement document?
A. Bid
B. Quotation
C. Tender
D. Proposal
Answer choices:
1. A
2. A, B
3. A, B, C
4. A, B, C, D
37) You are managing a road repair project. Budget is set at $100,000 and the supplier decision will be made based on who bids lowest. You prepare a procurement document to solicit which of the below from prospective sellers (choose the best answer)?
A. Bid
B. Quotation
C. Tender
D. Proposal
Answer choices:
1. A
2. A, B
3. A, B, C
4. A, B, C, D
38) You are managing a road repair project. Budget is set at $100,000 and the supplier decision will be made based on who bids lowest. You prepare a procurement document to solicit proposals from prospective sellers. Which of the following are possible ways to issue the procurement request?
A. Publication of the request in public newspapers
B. Publication of the request in trade journals
C. Publication of the request in public registries
D. Publication of the request on the internet
Answer choices:
1. A
2. A, B
3. A, B, C
4. A, B, C, D
39) You are managing a road repair project. Budget is set at $100,000 and the supplier decision will be made based on who bids lowest for the materials and delivery. Four sellers bid for the contract and the materials requested are standard and readily available from all of them.
A. Seller A bids at $80,000 and has a good reputation.
B. Seller B bids at $90,000 and has the best reputation among all bidders.
C. Seller C bids at $95,000 and doesn’t have a good reputation.
D. Seller D bids at 77,000 and is a new bidder who has just started his business.
Which of the sellers will you select for awarding the contract?
40) Your prospective seller claims that he has always exceeded performance requirements and has had only happy clients in the past. But prior customers that verified the seller’s work experience and compliance with contractual requirements did not provide positive feedback about the seller. Which of the below source selection criteria failed?
A. Warranty
B. Past performance of sellers
C. References
D. History
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