Learn and Practice Free Procurement Management Set 2 questions

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The budget for a major project lasting several years is usually prepared to reflect expenditures on an annual basis. The budget is, therefore, compared to expenditures at the end of each accounting cycle (i.e., each year.. This poses a potential problem because _________ .

Option 1: the budget will always be greater than the rate of expenditure when delays are encountered in paying the billings
Option 2: the expenditure rate will be viewed optimistically (underspent. and the project manager will attempt to increase expenditures
Option 3: the budget is not representative of the expenditure rate when there is an increase to the scope of work
Option 4: the budget changes too frequently to permit a valid comparison of the plan versus the actual expenditures
Option 5: schedule delays or restructuring of the workload will affect costs during the accounting periods and give false indications of expenditure rates

Which of the following is NOT a method of government procurement?

Option 1: Assistance
Option 2: Sealed Bidding
Option 3: competitive proposals
Option 4: acquisition
Option 5: small purchases

Which of the following is considered during the Procurement Planning Process?

Option 1: Whether to procure
Option 2: How to procure and how much to procure
Option 3: What and when to procure
Option 4: b and c
Option 5: all of the above

Documentation on a contract should include all of the following EXCEPT:

Option 1: Approvals
Option 2: Inspection reports
Option 3: Correspondence
Option 4: Customer's meeting minute
Option 5:

An example of the contract price in a cost plus fixed fee contract is:

Option 1: $10,000 plus fee.
Option 2: costs, whatever they are, plus $10,000 as fee.
Option 3: $10,000
Option 4: $150 per hour.
Option 5:

Two days ago, you joined a consulting company as project manager to lead an existing project for a client. Today a major change is requested, What should be done FIRST?

Option 1: Quickly develop a change control board to approve or disapprove changes
Option 2: Approve the change if your sponsor approved it, otherwise suggest a review by the project team
Option 3: Hire an outside consultant to develop and manage overall change control
Option 4: Find out if any formal overall change control plans and procedures are in place for this project
Option 5:

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?

Option 1: Solicitation planning
Option 2: Solicitation
Option 3: Source selection
Option 4: Contract administration
Option 5:

Under what circumstances is it better for a contractor to subcontract?

Option 1: The subcontractor possesses special technical and engineering skills that the contractor does not have.
Option 2: The work to be subcontracted represents almost all of the overall work effort.
Option 3: The subcontractor can perform the work at a lower cost than the contractor.
Option 4: all the above
Option 5: a and c

Which type of bilateral contract is used for high dollar, standard items?

Option 1: Purchase order
Option 2: Request for proposal (RFP)
Option 3: Invitation for bid (IFB)
Option 4: Request for quotation (RFQ)
Option 5:

Which of the following are characteristics of a purchase order?

Option 1: A bilateral contract used for low dollar items
Option 2: A unilateral contract used when routine, standard cost items are required.
Option 3: A bilateral contract used for high dollar, standard items
Option 4: a and c
Option 5:

In which stage of the negotiation meeting are points of concession identified?

Option 1: probing
Option 2: closure
Option 3: agreement
Option 4: scratch bargaining
Option 5:

Which type of warranty is enacted if a service or product does not meet the level of quality specified in the contract?

Option 1: Implied warranty of merchantability
Option 2: Implied warranty of specified quality
Option 3: Express warranty
Option 4: none of the above
Option 5:

Which of the following is not an element of a legally enforceable contract?

Option 1: Signature
Option 2: Warranty
Option 3: Legal purpose
Option 4: Legal form
Option 5:

Under what circumstances does contract close-out not involve product verification?

Option 1: When contract does not contain verification clause
Option 2: When stakeholder signs a product acceptance document
Option 3: When there is a material breech
Option 4: All of the above
Option 5:

Contract change requests are most often the result of which project event

Option 1: Cost overrun
Option 2: Unforeseen risk event
Option 3: Change in scope
Option 4: Reorganization of company
Option 5:

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