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Exam 12: Project Procurement Management

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Question 21

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A(n) _____ type of e-procurement that sends requests for information and prices to suppliers and receives the response of suppliers using Internet technology.

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Question 22

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In project procurement management, which of the following is an output of the executing process?

A) Make-or-buy decisions
B) Statements of work
C) Source selection criteria
D) Resource calendars

E) None of the above
F) C) and D)

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Question 23

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A(n) _____ system provides the ability to easily organize, find, and archive procurement-related documents.

How are RFPs different from RFQs? What are some of the requirements of writing an RFP?

Indirect costs are those costs can be traced back to a project in a cost-effective way.

In project procurement management, the process of conducting procurements is part of the _____ process.

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.

_____ refers to the process of acquiring goods and/or services from an outside source.

In project procurement management, which of the following processes involve completion and settlement of each contract, including resolution of any open items?

The _____ is a description of the work required for a procurement.

In unit pricing, the total value of the contract is a function of the quantities needed to complete the work.

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.

A(n) _____ is a mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them.

_____ management includes the processes required to acquire goods and services for a project from outside the performing organization.

Which of the following is true of lump-sum contracts?

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

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

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

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