CAPM Project Procurement Management 3

Question 1

Which of the following is NOT an input to the Plan Procurement Management process?

Accepted Answer

Selected Sellers

Answer

Project Charter

Answer

Business Documents

Answer

Enterprise Environmental Factors

Question 2

In procurement management, what is a 'Make-or-Buy Analysis'?

Accepted Answer

A process of deciding whether project work should be done internally or outsourced to external vendors

Answer

An analysis of whether to manufacture a product or buy raw materials

Answer

A cost comparison between two competing sellers

Answer

An evaluation of whether the project should proceed or be cancelled

Question 3

What is the primary difference between a Fixed Price Incentive Fee (FPIF) contract and a Firm Fixed Price (FFP) contract?

Accepted Answer

FPIF contracts include performance incentives that can adjust the final price, while FFP has a single fixed price

Answer

FPIF contracts require more documentation than FFP contracts

Answer

FFP contracts allow cost reimbursement while FPIF does not

Answer

FPIF contracts are only used for construction projects

Question 4

Which procurement document is BEST used when the buyer wants sellers to propose creative solutions to a problem?

Accepted Answer

Request for Proposal (RFP)

Answer

Request for Quotation (RFQ)

Answer

Invitation for Bid (IFB)

Answer

Request for Information (RFI)

Question 5

What is 'Procurement Audit' as used in the Close Procurements process?

Accepted Answer

A structured review of the procurement process to identify lessons learned and improve future procurements

Answer

A financial audit of the seller's accounting records

Answer

An inspection of the deliverables to verify contract compliance

Answer

A legal review of contract terms and conditions

Question 6

What is the Point of Total Assumption (PTA) in a Fixed Price Incentive Fee (FPIF) contract?

Accepted Answer

The cost point above which the seller assumes all additional cost overruns without additional compensation

Answer

The cost at which the seller begins to lose money on the contract

Answer

The maximum price the buyer will pay under any circumstances

Answer

The point at which the incentive fee is calculated

Question 7

A project manager discovers that a vendor is consistently delivering materials two days late, causing schedule delays. Which Control Procurements tool should be used first?

Accepted Answer

Performance Reviews

Answer

Claims Administration

Answer

Inspections and Audits

Answer

Payment Systems