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Exam 12: Project Procurement Management

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Question 41

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

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

E) None of the above
F) All of the above

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Question 42

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

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Question 43

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

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.

The first step in project procurement management is:

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

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

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 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.

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

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

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

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

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

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

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

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?