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. Show (1) The fixed price contract is advantageous to the buyer because it −
Answer − C Hint − Read about Fixed-price contracts under Sec 12.1.1.9, Page 362 PMBOK 5 (2) The contract administration function includes −
Answer − D Hint − PMBOK 5, Page 379, Sec 12.3 (3) The major type(s) of standard warranty used in the business environment is(are) −
Answer − D Hint − Warranty types include express and implied. Negotiated is not a warranty type. (4) A Unit Price (UP) contract provides−
Answer − D Hint − Time and Materials Contract, Page 364, PMBOK 5 (5) The process of managing procurement relationships, monitoring contract performance, and making changes as appropriate is called
Answer − B Hint − PMBOK 5, Page 355, Section 12.3 (6) From a contract management perspective, the project manager must consider the−
Answer − E Hint − Options C and D are not related to contracts (7) The tools and techniques used in the process of Plan Procurement Management includes all but
Answer − C Hint − PMBOK 5, Page 356, Sec. 12.1 (8) Which contract type places the most risk on the seller?
Answer − E Hint − Read about types of contracts under Sec 12.1.1.9, Page 362 PMBOK 5 (9) Decisions made in developing the procurement management plan can also influence the project schedule and are integrated with Develop Schedule, Estimate Activity Resources, and make-or-buy analysis.� The statement is
Answer − A Hint − PMBOK 5, Page 360, 2nd Para. (10) What is the last item a project manager must do to finalize the project closing?
Answer − B Hint − Contract completion is most important (11) The process that includes the contract management and change control processes required to develop and administer contracts or purchase orders issued by authorized project team members is known as −
Answer − A Hint − PMBOK 5, Page 355 (12) For the processes in the Project Procurement Management, 1. Plan Procurement Management 2. Control Procurements 3. Conduct Procurements 4. Close Procurements The correct sequence is−
Answer − B Hint − PMBOK 5, Page 355, Fig. 12−1 (13) The inputs used in the process of Conduct Procurements includes all except
Answer − D Hint − Agreements are the output on conduct procurements process (14) The contractual agreement under Fixed Price Contracts ,which influences the Plan Procurement project and is the favored by buyers because the price for goods is set at the outset and doesn�t change until scope of work changes, is known as
Answer − A Hint − PMBOK 5, Page 363 (15) The contractual agreement under Fixed Price Contracts ,which influences the Plan Procurement project and gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives tied to achieving agreed upon metrics is called
Answer − A Hint − PMBOK 5, Page 363 (16) The contractual agreement under Cost-reimbursable Contracts, which influences the Plan Procurement project and where if the final costs are less or greater than the original estimated costs, then both the buyer and seller share costs from the departures based upon a pre-negotiated cost sharing formula ,is called
Answer − C Hint − PMBOK 5, Page 364 (17) The contractual agreement under Cost-reimbursable Contracts, which influences the Plan Procurement project and where the seller is reimbursed for all the legitimate costs , but the majority of the fee is earned only based in the satisfaction of certain broad subjective performance criteria defined and incorporated into the contract is called
Answer − B Hint − PMBOK 5, Page 364 (18) The component of the project management plan that describes how a project team will acquire goods and services from outside the performing organization is called
Answer − A Hint − PMBOK 5, Page 366, Sec. 12.1.3.1 (19) A general management technique used to determine whether particular work can best be accomplished by the project team or should be purchased from outside sources is called
Answer− B Hint− PMBOK 5, Page 365, Sec. 12.1.2.1 (20) The type of hybrid contracts which influences the Plan Procurement project is called
Answer − A Hint − PMBOK 5, Page 364 Which one is not a tool for plan procurement management?The correct answer is a combination of Market Research, Make/Buy analysis and Expert Judgment. Risk Register is an Input and not a Tool/Technique for the Plan Procurement Management process.
Which of the following are the tools and techniques of the plan procurement management process?Tools & Techniques. Expert judgment.. Data gathering. Market research.. Data analysis. Make-or-buy analysis.. Source selection analysis.. Meetings.. Which of the following is not a tool or technique used in the close procurements process?The five tools and techniques used by the close procurements process are expert judgment, claims administration, data analysis, inspections, and audits. The project management information system is not one of the tools and techniques used by the close procurements process.
What are the 5 steps of procurement process?The Stages of Procurement. Stage 1: Identify a need for products and/or services. ... . Stage 2: Create and submit a purchase request. ... . Stage 3: Evaluate and select suppliers/vendors. ... . Stage 4: Negotiate the terms of a contract with the selected supplier. ... . Stage 5: Finalize a purchase order.. |