PMP: Procurement Management : Close Procurements Input

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Close Procurements Input
Project management plan
Procurement documents


Click here to Practice 3000+ PMP Question online from GICGAC.com: Covers PMBOK5, Covers Scope Management to Stakeholder Management: All 9 Management Area


Close Procurements Input

List of Close Procurements Input

  • Project management plan

  • Procurement documents



Question: From a buyer's standpoint, which of the following is true?
A. Procurement planning should include consideration of potential subcontracts
B. Procurement planning does not include consideration of potential subcontracts since this is the duty of the contractor.
C. Subcontractors are first considered during the Solicitation Process
D. none of the above
Answer: 1
Answer explanation:
Procurement Management




Question: A cost-plus-incentive-fee (CPIF. contract has an estimated cost of $150,000 with a predetermined fee of $15,000 and a share ratio of 80/20. The actual costs of the project is $130,000. How much profit does the seller make?
A. $31,000
B. $19,000
C. $15,000
D. none of the above
Answer: 1
Answer explanation:
Procurement Management




Click here to Practice 3000+ PMP Question online from GICGAC.com: Covers PMBOK5, Covers Scope Management to Stakeholder Management: All 9 Management Area


Question: Which of the following is NOT a method of government procurement?
A. Assistance
B. Sealed Bidding
C. competitive proposals
D. acquisition
Answer: 1
Answer explanation:
Procurement Management




Question: A project team is meeting to determine what the evaluation criteria will be for the project procurement. What step of the procurement process are they in?
A. Solicitation planning
B. Solicitation
C. Source selection
D. Contract administration
Answer: 1
Answer explanation:
Procurement Management




Question: A guarantee imposed by law in a sale even though the seller may not make any explicit promises is
A. Solicitation
B. Guarantee
C. Implied warranty
D. Buyer's warranty
Answer: 1
Answer explanation:
Procurement Management




Question: A cost-plus-incentive-fee (CPIF. contract has an estimated cost of $150,000 with a predetermined fee of $15,000 and a share ratio of 80/20. The actual costs of the project is $130,000. How much profit does the seller make?
A. $31,000
B. $19,000
C. $15,000
D. none of the above
Answer: 1
Answer explanation:
Procurement Management




Question: A cost-plus-percentage-cost (CPPC) contract has an estimated cost of $120,000 with an agreed profit of 10% of the costs. The actual cost of the project is $130,000. What is the total reimbursement to the seller?
A. $143,000
B. $142,000
C. $140,000
D. $132,000
Answer: 1
Answer explanation:
Procurement Management




Question: A fixed-price-plus-incentive-fee (FPI) contract has a target cost of $130,000, a target profit of $15,000, a target price of $145,000, a ceiling price of $160,000, and a share ratio of 80/20. The actual cost of the project was $150,000. How much profit does the seller make?
A. $10,000
B. $15,000
C. $0
D. $5,000
Answer: 1
Answer explanation:
Procurement Management




Question: Bidders' conferences can have a negative effect on the project if the project manager does not remember to make sure:
A. all questions are put in writing and sent to all sellers.
B. all sellers get answers to their questions only.
C. to hold separate meetings with each bidder to ensure you receive proprietary data.
D. there is room in the meeting for all sellers.
Answer: 1
Answer explanation:
Procurement Management




Question: What is the BEST way to describe how the contract's terms and conditions are created?
A. They are based on a risk analysis.
B. They are created by the contracting officer assigned to the project.
C. They use only the company's existing standard terms and conditions.
D. They are based on the needs of the seller
Answer: 1
Answer explanation:
Procurement Management




Question: In what ways are Contract Close-out and Administrative Closure similar?
A. Both processes involve product verification as well as the updating and archiving of the project records.
B. Both processes are part of the overall Project Procurement Management process.
C. Audits are not part of either process.
D. The updating and archiving of the project records is the only similarity between the two processes.
Answer: 1
Answer explanation:
Procurement Management




Question: Contract closure and administrative closure both involve
A. product verification.
B. kick-off meetings.
C. creation of the scope verification plan.
D. quality assurance activities.
Answer: 1
Answer explanation:
Procurement Management




Question: Your seller on the project has not performed and you are terminating the contract. Which of the following is the BEST thing to do?
A. Follow the contract closure procedures
B. Meet with the seller, explain the problem, and obtain the seller's agreement on termination
C. Review change request
D. Report the seller to the state agency in charge of inspection
Answer: 1
Answer explanation:
Procurement Management




Question: A project plan is:
A. A formal, approved document used to guide both project execution and project control.
B. A document issued by senior management that provides the project manager with the authority to apply organizational resources to project activities.
C. A narrative description of products or services to be supplied.
D. A document describing the organizational breakdown structure of the company.
Answer: 1
Answer explanation:
Procurement Management




Question: A project team is meeting to determine what the evaluation criteria will be for the project procurement. What step of the procurement process are they in?
A. Solicitation planning
B. Solicitation
C. Source selection
D. Contract administration
Answer: 1
Answer explanation:
Procurement Management




Question: Bidders' conferences can have a negative effect on the project if the project manager does not remember to make sure:
A. all questions are put in writing and sent to all sellers.
B. all sellers get answers to their questions only.
C. to hold separate meetings with each bidder to ensure you receive proprietary data.
D. there is room in the meeting for all sellers.
Answer: 1
Answer explanation:
Procurement Management




Question: Contract closure and administrative closure both involve
A. product verification.
B. kick-off meetings.
C. creation of the scope verification plan.
D. quality assurance activities.
Answer: 1
Answer explanation:
Procurement Management




Question: From a buyer's standpoint, which of the following is true?
A. Procurement planning should include consideration of potential subcontracts
B. Procurement planning does not include consideration of potential subcontracts since this is the duty of the contractor.
C. Subcontractors are first considered during the Solicitation Process
D. none of the above
Answer: 1
Answer explanation:
Procurement Management




Question: In what ways are Contract Close-out and Administrative Closure similar?
A. Both processes involve product verification as well as the updating and archiving of the project records.
B. Both processes are part of the overall Project Procurement Management process.
C. Audits are not part of either process.
D. The updating and archiving of the project records is the only similarity between the two processes.
Answer: 1
Answer explanation:
Procurement Management




Question: Meeting with prospective sellers prior to preparation of a proposals is
A. Negotiations
B. Solicitation
C. Bidders' conference
D. Illegal
Answer: 1
Answer explanation:
Procurement Management




Question: The outputs of Contract Administration are correspondence, contract changes, and payment requests.
A. True
B. False
C.
D.
Answer: 1
Answer explanation:
Procurement Management




Question: Which is a process used in Procurement Management to document product requirements and identify potential sources?
A. Solicitation planning
B. Procurement planning
C. Source selection
D. Contract administration
Answer: 1
Answer explanation:
Procurement Management




Question: What is the BEST way to describe how the contract's terms and conditions are created?
A. They are based on a risk analysis.
B. They are created by the contracting officer assigned to the project.
C. They use only the company's existing standard terms and conditions.
D. They are based on the needs of the seller
Answer: 1
Answer explanation:
Procurement Management




Question: Which of the following is NOT a method of government procurement?
A. Assistance
B. Sealed Bidding
C. competitive proposals
D. acquisition
Answer: 1
Answer explanation:
Procurement Management




Question: You find out that a fellow PMP lied about his years of experience on his application for PMP certification. You decide to overlook it because he is a friend of yours. You are in violation of the responsibility to:
A. Report possible violations of the code of conduct to PMI.
B. Cooperate with PMI concerning ethics violations.
C. Comply with ethical standards governing professional practice.
D. Support and disseminate the PMP Code of Professional Conduct to other PMPs.
Answer: 1
Answer explanation:
Procurement Management




Question: Your seller on the project has not performed and you are terminating the contract. Which of the following is the BEST thing to do?
A. Follow the contract closure procedures
B. Meet with the seller, explain the problem, and obtain the seller's agreement on termination
C. Review change request
D. Report the seller to the state agency in charge of inspection
Answer: 1
Answer explanation:
Procurement Management


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